Kosmos takes Antrim Porcupine basin farmout

Kosmos Energy Ltd., Dallas, has taken a farmout from Antrim Energy Inc., Calgary, covering Licensing Option 11/05 in the Porcupine basin offshore west of Ireland.

Kosmos will acquire from Antrim, which holds 100% interest, a 75% interest in and become operator of the licensing option on the Skellig block in return for carrying the cost of a planned 3D seismic program and reimbursing Antrim part of exploratory costs incurred to date. Irish agency approvals are needed.

The two companies expect to apply to convert the licensing option to a frontier exploration license and approval for the 3D seismic program as soon as possible. They are required to relinquish at least 25% of the area when converting the option to a license.

Skellig covers 1,409 sq km in Blocks 44/4, part of 44/5, 44/9, 44/10, 44/14, and 44/15. Antrim licensed, reprocessed, and interpreted 2D seismic data over the blocks and identified a Cretaceous deepsea fan complex similar in seismic character to many recent Cretaceous discoveries off West Africa.

The license adjacent to Skellig contains the Dunquin North and South prospects, which license partners Providence Resources PLC and Sosina Exploration Ltd. have estimated to contain potentially in excess of 1.7 billion bbl of oil equivalent recoverable of gas-condensate in a Cretaceous target (OGJ Online, Aug. 7, 2012). ExxonMobil Corp., operator of the license, is expected to spud an exploratory well in April.

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