Ireland: North Porcupine 3D survey starts
A group led by San Leon Energy PLC has launched a 280 sq km 3D seismic survey on the North Porcupine FEL 1/04 license off Ireland.
By OGJ editors
HOUSTON, May 3 – A group led by San Leon Energy PLC has launched a 280 sq km 3D seismic survey on the North Porcupine FEL 1/04 license off Ireland.
The survey will cover the C1 lead to be drilled in 2012. A best case in place resource of 1.097 billion bbl of oil has been calculated for C1.
San Leon through a subsidiary holds a 41.5% interest in the block and is the operator. Valhalla Oil & Gas Ltd. has 38.5%, and Supernova Ireland Resources BVhas 20%. Through a farmout from Valhalla, San Leon agreed to pay 80% of seismic costs rather than its 41.5% working interest requirement. In exchange, San Leon will gain a further 32.5% working interest in the license from Valhalla.
After the survey and government approval, San Leon will hold 74%, Supernova will hold 20%, and Valhalla will hold 6%.