The ABT Oil & Gas joint venture will take a farmout from Providence Resources PLC under which ABT would assist the partners in determining whether the North Celtic Sea basin Helvick and Dunmore oil discoveries can be developed commercially.
Providence, on behalf of its partners, has applied to the Minister of State at the Department of Communications, Energy and Natural Resources to convert that part of the SEL 2/07 license that contains the discoveries into two separate lease undertakings. If granted, ABT has agreed to farm into the discoveries, subject to ministry approval.
If the joint venture partners determine that the discoveries can be developed commercially using ABT’s low-cost development technologies, the second phase of the work program will be carried out. This phase involves carrying out work necessary to prepare and submit to the ministry an outline plan of development and an application for a petroleum lease in respect of each discovery.
Subject to a lease award by the ministry, a third phase would entail the preparation and submission of a formal development plan under which, if approved, ABT would earn a 50% interest in the discoveries.
ABT is a joint venture of Enegi Oil PLC and ABTechnology Ltd., a company that holds proprietary interests in low-cost development solutions. ABT has already made considerable progress taking Fyne oil field in the North Sea towards field development plan by utilizing its technologies and the expertise of ABT’s strategic partner, Wood Group.