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. Poor fiscal terms, lack of interest and low oil prices meant that exploration in Ireland was unattractive by the mid 1980's. However, Ireland has always been a known oil province, the question was when.

Why now?

  • Oil still remains relatively high c. $60 - was $13 a barrel in 1978
  • New tools in seismic and computers
  • Greater knowledge of comparable plays
  • Low entry cost
  • Attractive fiscal terms

Petrel in 2011 was awarded two licensing options (1,400km2) in the Porcupine Basin. Blocks 35/23, 35/24 western half of 35/25 and Blocks 45/6, 45/11 and 45/16.

These Licence Options were converted to two Frontier Exploration Licences (FEL) in early 2014; FEL 3/14 ("Licence 3/14") and FEL 4/14 ("Licence 4/14"), now totaling 1,050 km2. Petrel holds a 15% substantially carried interest through one well on each FEL, with an operating 85% interest held by Woodside Energy.

 

Click on Map to Enlarge

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

 

       

Licence 4/14 (570km2)

Low
Estimate

Best
Estimate

High
Estimate

High
Estimate

Crude Oil (MMbbl)

31

156

749

113

Total

59

366

2,178

327

 

 

 

THIS PAGE WAS LAST UPDATED ON 24 APRIL 2015

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