Woodside Petroleum Ltd. has consolidated its position in Porcupine basin off western Ireland following the award of two exploration licences to Petrel Resources PLC, Dublin.
Woodside signed a farm-in deal with Petrel in mid-2013 pending the official award of the licences (3/14 and 4/14) (OGJ Online, July 2, 2013). The company will take an 85% interest in both and assume operatorship. The licences are both valid for 15 years.
Petrel has already identified several geological plays in the acreage. The company says the structural make up on this Atlantic margin region is different to that of the North Sea and it is keen to run a 3D seismic survey during the 3-year Phase 1 program.
Petrel rates the two permits, which cover a total of 1,400 sq km, as priority areas in the basin.
Woodside will carry Petrel through Phase 1 and begin with a full technical review of historic data before moving onto the seismic acquisition.
Woodside has already secured a position in the Porcupine basin with a 90% stake in the 1,271 sq km permit FEL 5/13 following an earlier deal with Bluestack Energy Ltd. It also has a 60% interest in two licence options in the region acquired from Two Seas Oil & Gas Ltd. in October 2013.
Woodside believes the Irish assets have low-cost access and they are a good match for its deepwater exploration capabilities.