Faroe Petroleum Secures LO 16/23

Faroe Petroleum confirmed Thursday that it has been awarded Licensing Option 16/23 under Ireland’s 2015 Atlantic Margin Licensing Round.

The LO, which covers 370 square miles in the Slyne/Erris Basin, has a three-year term and lies in around 1,000 feet of water. It is located 9 miles east of the Corrib gas field, which came on-stream at the end of 2015.

The main lead in the asset is a large tilted fault-block structure in which Triassic Sherwood sandstones are identified as the main reservoir target. The main focus of the work program is to improve the seismic image of the area.

“We are pleased to have been awarded this Licensing Option, offshore Ireland, where we see attractive prospectivity in the same play as the significant Corrib field,” said Graham Stewart, chief executive of Faroe Petroleum, in a company statement.

“We now have an opportunity to screen potentially significant exploration targets, close to the producing Corrib field, using our extensive knowledge and experience in seismic reprocessing and interpretation. If the results of the initial work program are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling,” he added.



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