Petrel Resources is operating in:
THE RIGHT AREAS
IRELAND: New potential oil province. Petrel acquired two licences in the Porcupine Basin, offshore Atlantic Ireland as part of the 2011 Licence Option round. 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”). Petrel holds a 15% substantially carried interest through one well on each FEL, with an operating 85% interest held by Woodside Energy.
Petrel had its early work verified by Independent Resource Estimate Review by Senergy Consultants (Ltd) in 2014. 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.
Circa 1,400 km2 of state of the art 3D seismic was acquired as part of the Bréanann Seismic campaign in summer 2016. This data was fully processed by DUG (Down Under Geo Solutions) by early 2018. Advance interpretation is now underway.
Petrel received 10% in LO 16/4, operated by Woodside, in 2018.
The circa 1,600 km2 of state of the art 3D seismic was acquired in the 2016 “Granvaile Programme” were fullt processed by DUG by 2018 and advanced intrepretation is now underway.
Work on LO16/24 and LO 16/25 is now being completed (2018).
GHANA: New oil province since 2005, finds continue apace in Tano basin. Petrel has a 30% interest in the highly prospective onshore/offshore Tano 2A Block. Signed Petroleum Agreement now awaits ratification.
IRAQ: Producing 4.5 million bopd; potential to reach 9 million bopd.
THE RIGHT PROPERTIES
AT THE RIGHT TIME
- Emerging markets continue to drive growth
- Supply tightening
- Political instability in key producing countries
- Majors are cash rich and reserve poor