AzEire announces extension to Frontier Exploration Licence 1/13
AzEire Ltd. (“AzEire”), the Ireland focused oil and gas exploration company backed by Seacrest Capital Group, is pleased to announce that it has been awarded an extension to its 100% working interest FEL 1/13 Licence (“the Licence”) in the Porcupine Basin.
The extension is to the first phase of FEL 1/13 by two years to 4th July, 2018 and a 2 year extension to the subsequent second, third and fourth phases of the Licence to 4th July, 2022, 2026 and 2030 respectively.
AzEire has undertaken to conduct a work programme which includes; reprocessing of the existing 3D seismic data, rock physics, geochemical modelling and integration of results into a full play and prospect assessment of the licence area.
The consent for the extension was given by the Minister for Communications, Climate Actions and Environment.
AzEire acquired a 100% participating interest in FEL 1/13 during the fourth quarter of 2016, further to its acquisition of the entire share capital in Antrim Exploration (Ireland) Limited. In addition, AzEire was awarded a 100% participating interest in two further Licence Options (“LO’s”) – LO 16/31 and LO 16/32 covering multiple blocks in the North Celtic Sea and Fastnet Basins. These recent awards together with AzEire’s existing portfolio now position the company as the largest acreage holder offshore Ireland with a net footprint covering 7,166km².
AzEire will be exhibiting in booth 1962 at the annual NAPE conference in Houston on 15th –17th February 2017.
David Sturt, Managing Director of AzEire, commented: We are delighted to have received this 2 year licence extension to all phases of FEL 1/13, especially so soon after having been awarded LO 16/31 and 16/32 in the Fastnet and North Celtic Basins. We have from the start placed considerable importance on building a robust regional understanding backed by a considerable and increasing seismic and G&G database. This has enabled us to continually challenge conventional wisdom in the region. Our through-the-cycle investment has allowed us to build the largest acreage position offshore Ireland at a time of considerable industry interest in the region, as evidenced by the success of the 2015 Frontier Licence Round. We now look forward to continuing to build on our significant portfolio of high impact drillable prospects in a fiscal environment which is one of the most attractive globally. The company is now moving forward quickly with the work program on FEL 1/13 with the initial phase being the reprocessing of the existing 3D seismic data, applying the knowledge we have gained from similar reprocessing projects on our other licences.”