Capricorn Oil Ltd., a wholly owned subsidiary of Cairn Energy PLC, has become operator of Licensing Option 16/19 offshore Ireland after acquiring a 70% interest from Europa Oil & Gas (Holdings) PLC.
The Cairn unit will fund a $6 million work program to include participation in a 5,400-sq-km, multiclient 3D seismic survey by TGS between the Porcupine High and Irish Mainland Platform.
The survey will cover the 976-sq-km LO 16/19, which is on the western flank of the South Porcupine basin.
