Petrel Resources plc (Petrel) is pleased to announce the award, by the Department of Communications, Energy and Natural Resources, of Frontier Exploration Licences 3/14 and 4/14 in the Irish Atlantic’s Porcupine Basin. The acreage licensed collectively covers approximately 1,050km2 or 75% of the 1,400km2 previously held under Licensing Options 11/4 and 11/6. In August 2013, Petrel farmed out 85% of its interest in, and operatorship of, the Licensing Options to Woodside Energy (Ireland) Pty Ltd (Woodside).
The Frontier Exploration Licences are split into logical phases under best international practice, facilitating orderly permitting and progress. The Frontier Exploration Licences are valid for 15 years, with an initial 3 year phase, followed by three phases of 4 years each.