Petrel Resources provided an operational update on work done on Blocks 35/23, 35/24 and the western half of 35/25, and Blocks 45/6, 45/11 and 45/16 in the Atlantic Margin. These cover approximately 541 square miles (1,400 square kilometers) in total, in the northern and eastern sections of the Porcupine Basin.
David Horgan, Managing Director of Petrel Resources plc, commented:
"We are excited by the progress being made in the Atlantic margin, as we look to develop our promising assets and yield value for shareholders.
"Petrel has identified encouraging targets at the Lower Cretaceous and Tertiary levels in both sets of our blocks, with those in blocks in quadrant 35 looking particularly promising. Our objective is to develop targets that will attract large partners, to facilitate an early seismic campaign, followed by exploration wells.
"In October 2011 Petrel was awarded licensing options over 1,400 [square kilometers] in the Atlantic Porcupine Basin. Porcupine Basin exploration previously concentrated on Jurassic targets like those in the northern North Sea. Lack of commercial success led to interest fizzling out. As a result, no true exploration wells were drilled in the Porcupine Basin over the last decade. Success in comparable reservoirs elsewhere, especially in the West African offshore, led to fresh ideas and a resurgence of interest in similar targets offshore Ireland.
"This has led to International oil companies re-examining the Irish offshore. Success in the Atlantic margin elsewhere shows what can be achieved with new thinking and improving technology. Additionally the high oil price and competitive terms are making Ireland more attractive."
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