2015 Bid Round
Following the expected completion of the State’s strategic environmental review (IOSEA5) by August 2015, there is expected to be an Irish Atlantic Bid Round in September 2015: Petrel has been studying plays in the Porcupine Basin of the Irish Atlantic Margin since 2014 and expects to apply for one or more two-year Licence Options in this round.
Our bids will build on the 40 year experience of our team, as well as work conducted on Petrel former Licence Options, which are now converted into FELs 3/14 and 4/14, in which Petrel has a 15% carried interest with 85% operator Woodside Energy. The application costs are reasonable by industry or historic standards.
The preparation of our bids and analysis is already underway: this involves data processing by our geophysical consultants, as well as Interpretation Work by Petrel’s team of in-house and geological and geophysical experts.
The location of the plays considered must remain confidential until bid submission / award, but are likely to be in Region 2 and involve mainly Cretaceous, Jurassic and some Tertiary plays. Our focus is on the Porcupine Basin of the Irish Atlantic Margin. There are established source rocks, with all of the basin’s 31 historic wells showing oil and/or gas shows. There are established reservoir sands. The main risk is to seal, which is the primary focus of our bid preparation work to date.
Any FEL negotiated on foot of Licence Options negotiated in the 2015 bid round will be covered by the revised Irish fiscal terms (which have yet to be given effect to through enabling legislation).
Licence Option holders have the first right to negotiate the conversion into a full exploration licence (likely to be FELs).
Full details are available on the DCENR’s website:
THIS PAGE WAS LAST UPDATED ON 24 APRIL 2015