Island Oil & Gas picks up Atlantic Margin frontier license

March 19, 2008
Island Oil & Gas PLC will operate a deepwater frontier exploration license 250 km off the southwest of Ireland in the south of the Porcupine basin.

Uchenna Izundu
International Editor

LONDON, Mar. 19 -- Island Oil & Gas PLC will operate a deepwater frontier exploration license 250 km off southwest Ireland in the southern part of the Porcupine basin. Island will work on Frontier Exploration License 3/08 with Supernova Ireland Resources BV on a 50-50 basis.

FEL 3/08, which lies in 1,500 m of water and spans 800 sq km, holds an exploration prospect as large as 360 sq km that is estimated to be a "multibillion barrel target," Island said. The license lies in the Atlantic Margin and covers Blocks 61/9, 61/10, and 62/6 adjacent to the Goban Spur.

Ireland has requested that a well be drilled on or before Dec. 12, 2011, or the license will expire on Mar. 11, 2012. Otherwise, the license is effective to Mar. 11, 2021, unless surrendered or revoked.

"This area of the Porcupine and Goban Spur basins is largely underexplored and has been tested by one well to date, 62/7-1," said Island Oil Chief Executive Paul Griffiths. "This well was immediately adjacent to our new license and encountered good oil shows."

Contact Uchenna Izundu at [email protected].