Antrim Energy Upgrades Licensing Option to FEL (Ireland)
- Business & Finance
Antrim Energy Inc., a Canada-based international exploration and production company, today announced approval has been received from the Irish Government for the conversion of Licensing Option 11/5 (Antrim 25%) in the Porcupine Basin offshore Ireland’s west coast to a Frontier Exploration Licence (“FEL”), and a 3D seismic acquisition programme has commenced.
The FEL application submitted by operator Kosmos Energy Ireland (“Kosmos”), a subsidiary of Kosmos Energy Ltd. and 75% interest owner, was approved by the Minister of State at the Department of Communications, Energy and Natural Resources (“DCENR”) effective July 5, 2013. The FEL, titled FEL 1/13, has a 15 year term, with an initial three-year term followed by three four-year terms. Following the mandatory 25% relinquishment of the Licensing Option area, FEL 1/13 covers an area of approximately 1,000 square kilometres in Blocks 44/4, 44/5, 44/9, 44/10, 44/14 and 44/15.
The approved work programme for the initial three year term of the FEL involves acquisition of 3D seismic over the FEL area, followed by seismic processing, interpretation and geological studies. Seismic acquisition commenced on July 10, 2013, and is expected to be completed by the end of September, 2013. As previously announced (18 April 2013), Kosmos acquired 75% interest and operatorship in the Licensing Option and subsequent FEL in exchange for carrying the full costs of the 3D seismic programme and re-imbursement to Antrim of a portion of the past exploration costs incurred on the blocks.