Faroe awarded new licensing options in the Celtic Sea

Faroe Petroleum has been awarded 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.

Highlights

• Three licensing options awarded to Faroe in the Celtic Sea.
• Low cost work programme involving the reprocessing and interpretation of 2D seismic data for each licence and the preparation of supporting geological studies.
• Located in the southern margin of the North Celtic Sea basin, targeting the substantially unexplored Triassic Play, similar to that of the Wytch Farm oilfield onshore UK.
• Initial interpretation of existing 2D seismic data has revealed the presence of a number of large structural traps within the licensing option areas.
• Faroe will deploy recent advances in modern seismic reprocessing techniques to substantially improve the seismic imaging, which the company has had considerable success with in Norway and UK

Comments

Graham Stewart, CEO of Faroe Petroleum, commented: “We are pleased to have won these licensing options offshore 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.

“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.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/07102014/faroe-wins-options-offshore-ireland-261/