Petrel Resources plc announces that it has agreed to farm-out 85% of its Atlantic Porcupine Basin holding to Woodside, Australia’s largest independent oil and gas company.
The agreement covers all of Petrel’s participating interest in Licensing Option 11/6 (comprising offshore blocks 45/6, 45/11, 45/16 and 44/15) and Licensing Option 11/4 (comprising offshore blocks 35/23, 35/24 and 35/25).
The Agreement is subject to the execution of fully-termed agreements, completion of due diligence and other necessary government approvals. It includes any subsequent frontier exploration licences that are granted in respect of the licensing options.
Woodside will be operator of the licensing options.
The Irish authorities have been notified.
Petrel’s Managing Director David Horgan commented:
“This is a momentous development for Irish offshore exploration, introducing a world leader in deepwater exploration and production. The Irish Porcupine Basin is a frontier province which needs new approaches.”
“Woodside is considered a benchmark in gas and condensate development, and the most innovative large operator to have studied the Porcupine Basin. Woodside’s rapid development of challenging projects in Australia’s North West Shelf, including the recent Pluto LNG success, show what can be achieved. Woodside has discovered vast reserves, and brought them into production safely and quickly.”
“This development vindicates the Irish Government’s bold Licensing Option Bid Round approach, which has sparked industry interest.”
“The Irish offshore was a hard sell in recent decades, but its time has finally arrived.”
[mappress] Press Release, June 28, 2013