Two Seas Sells Its Porcupine Basin Interest to Woodside (Ireland)

Two Seas Oil & Gas Ltd, a privately owned firm founded in 2010, today announced it has reached a deal with Woodside Energy (Ireland) Pty Ltd for Woodside to acquire their entire 60% interest in the Porcupine Basin Licensing Option LO 11/10, offshore Ireland.

The Licensing Option was originally granted to Two Seas as a result of a successful application during the 2011 Atlantic Margin Licensing Round.

Commenting on the deal Two Seas’ Co-CEO Henry Charlampowicz said “We are very pleased to have satisfactorily agreed terms for the assignment of this asset to Woodside. As a highly experienced and responsible deepwater operator they are exceptionally well qualified to progress the exploration programme and we wish them every success with taking the project forward”

Two Seas’ Co-CEO Jerry Chessell added: “Today’s announcement is another milestone for Two Seas and we would like to thank our co-venturers at Strike for their active participation during the licensing option period. It is also another success for the Irish government’s transparent and affordable data access and licensing process. Two Seas will now move to focus resources on further applications for prospective acreage already identified in Ireland, the UK and elsewhere in NW Europe.”

This is not Woodside’s first acquisition of an offshore block in Ireland. Earlier this year Woodside bought 85% participating interest in Licensing Option 11/6 from and Licensing Option 11/4 from Petrel Resources. Also, Bluestack Energy Limited accepted Woodside’s offer to acquire 90% participating interest in Licensing Option 11/3.

Increased interest in Irish offshore

On a separate note, Irish Minister for Natural Resources, Fergus O’Dowd yesterday highlighted the increased interest in the oil and gas potential of the Irish offshore sector.

The Minister welcomed the recent entry into the Irish Offshore of the large independent oil companies Cairn, Kosmos and Woodside.

Speaking at the Atlantic Ireland Conference in Dublin  he said: “The Government’s strategy for the exploitation of the State’s natural hydrocarbon resources aims to maximise the level of exploration activity and increase the level of production activity, while ensuring a fair return to the State from these activities.
“It is important then that the State provides suitable opportunities for international investors and provides the right environment to encourage industry to take the risk associated with investing in exploration.”

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Offshore Energy Today Staff, November 13, 2013