By OGJ editors
HOUSTON, Feb. 1 -- Ramco Donegal Ltd. (RDL), UK, and its partners have acquired the Frontier Exploration License 1/05 covering 408 sq km 70 km off northwestern Ireland.
The license includes Block 13/7 and part of Blocks 13/11 and 13/12.
Ramco, Sunningdale Donegal Basin Ltd., and Lundin Exploration BV previously held a licensing option in the area. The firms completed a technical evaluation program that identified a number of drilling targets.
The largest target, Inishbeg, is a four-way, dip-closed, anticlinal structure in about 320 ft of water. Inishbeg contains the Triassic Sherwood sandstone, the productive reservoir in Corrib gas field, on trend to the southwest and under development.
The 15-year license mandates that an exploration well be drilled during 2005 targeting the Sherwood in the Inishbeg prospect.
Island Oil & Gas PLC and Petroceltic International PLC (PIP) have agreed to farm in to the exploration license by carrying dry hole and testing costs of an exploration well for RDL and Sunningdale.
Pending the finalization of a joint operating agreement, the license interests are RDL 19.25% (carried through an exploration well); Lundin as operator 35%; Island Assets Porcupine Ltd. 26%; Lerida Trading Ltd., a subsidiary of PIP, 16.25%; and Sunningdale 3.5% (carried through an exploration well).
