Ireland

The Re-Awakening

Petrel was formed in 1982 to explore offshore Ireland. As a result the team has long experience and knowledge of Irish offshore. 

Why now?

  • Oil still remains relatively high c. $66 - was $25 a barrel
  • "Eastern Canada" Play
  • "Western Africa" Play
  • Low entry cost
  • Attractive fiscal terms

Petrel holds a carried 15% of Frontier Exploration Licence (FEL) 3/14 with 85% operator Woodside, Australia's leading oil and gas company.  Carried through exploration including one well.

10% Heads-up on FEL phase of Licence Option (LO) 16/14.

 

Billion PLUS Barrel Potential

The legacy of having explored the Irish offshore ensured that Petrel had access to 19,000 sq km of 2 D seismic prior to the licensing options. Our geologists already had a good knowledge of the basin which allowed us to narrow our areas of focus. Further 2 D seismic was acquired and interpreted. Recent 3D seismic acquisition of 700 sq km has also being interpreted. The result is that our detailed modeling outlined a one billion plus barrel potential on Quad 35; which is now part of our FEL 3/14. Targets are accessible with one well (i.e. vertically stacked targets) having been mapped at several levels. Petrel has mapped closure at its FEL 4/14 prospects against a major boundary fault and outlined a number of vertically stacked targets.

While operator Woodside progress positively on the work programme on both FEL 3/14 and 4/14, Petrel has also received an Independent Resource Estimate Review by Senergy Consultants (Ltd) on Petrel's historic work prior to the Woodsde farm-out.

The report estimates a total un-risked prospective resource on the acreage of about 2.2 billion barrels, giving a potential recoverable resource attributable to Petrel of 327 million barrels of oil equivalent ('High Estimate') on the two licences. There is additional gas potential within the block.  The main plays are in approximately 600 to 800 metres of water depth, which is well within the technical capabilities of modern operators, though oil and gas prices as well as costs and development timetables are subject to uncertainty.

The following table provides an aggregate summary of the Prospective Resources for the independent leads evaluated within the two Licences:

Prospective Resource Gross - Unrisked (Millions of Barrels)

Petrel (15% interest)

 

Licence 3/14 (480km2)

 

Low
Estimate

Best
Estimate

High
Estimate

High
Estimate

Crude Oil (MMbbl)

28

210

1,429

214


 

 

THIS PAGE WAS LAST UPDATED ON 12 MARCH 2018

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