Faroe Petroleum announces the award of three new Licensing Options (LO 14/1, 14/2 and 14/3) by the Minister for Communications, Energy and Natural Resources in the Celtic Sea, Republic of Ireland.
The two-year Licensing Options are located on the southern margin of the North Celtic Sea basin, in relatively shallow water depths of between 80 and 110 metres, which together cover an area of 3,458km2 and are all situated within 75km of the south coast of Ireland.
The Licensing Options are targeting the under-explored Triassic Play, comprising Sherwood Sandstone reservoir juxtaposed against Lower Jurassic oil prone source rocks. The age and configuration of source and reservoir bear many similarities to the Wytch Farm oil field, onshore UK. Initial interpretation of existing 2D seismic data has revealed the presence of a number of large structural traps within the Licensing Options areas.
Key to realising the potential of this play is the deployment of recent advances in modern seismic reprocessing techniques. These techniques have been proven to substantially enhance seismic imaging and help to mature leads into drillable prospects. Faroe has successfully used these relatively low cost methods in Norway and the UK to good effect. If the results of the initial work programme are successful and prospectivity is established, the next steps would be to commit to the acquisition of new seismic data (either 2D or 3D) and bring in suitable partners ahead of potential exploration drilling.
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
“We are pleased to have won these Licensing Optionsoffshore Ireland, where we see attractive optionality. We now have the opportunity at low cost to screen potentially significant exploration targets using our knowledge and experience in seismic reprocessing and interpretation. This Triassic play differs from the traditional targets in the Celtic Sea and offers significant upside potential.
“Faroe has had considerable exploration success and aims to transfer these skills and knowledge to the Celtic Sea area of Ireland. We very much look forward to working with the Irish Authorities as we execute the work programme over the next two years.“
Press Release, October 06, 2014