Faroe Petroleum has made its first move into the Irish offshore by picking up three new, two-year Licensing Options (14/1, 14/2 and 14/3) on the southern margin of the North Celtic Sea basin.
A work program, agreed with Irish authorities, involves reprocessing and interpreting 2D seismic data for each license and the preparing supporting geological studies
Faroe said it will target the “substantially un-explored” Triassic Play, similar to that of the Wytch Farm oil field, drilled from onshore UK, comprising Sherwood Sandstone reservoir juxtaposed against Lower Jurassic oil prone source rocks.
The firm says initial interpretation of existing 2D seismic data revealed a number of large structural traps within the Licensing Option areas.
The licenses are in 80- 110m water depth and together cover 3458sq km, all within 75km of the south coast of Ireland.
If prospectivity is established, Faroe says the next steps would be to commit to the acquisition of new seismic data (either 2D or 3D) and bring in suitable partners ahead of potential exploration drilling.
Graham Stewart, CEO of Faroe Petroleum, said: “This Triassic play differs from the traditional targets in the Celtic Sea and offers significant upside potential.
“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 program over the next two years.”