Petrel has submitted applications for Licence Options in the recent Irish Offshore licensing round. We have targeted three separate packages of acreage, in the Porcupine Basin Region 2, offered in the Submission of Applications for the 2015 Licensing Round - Atlantic Margin. On current plans we are funded through 2017.
Offshore Ireland is our main focus of activity. We have a joint venture with Woodside Energy of Australia who farmed into our two offshore Irish blocks, licences 3/14 and 4/14 in the Porcupine Basin, covering 1,050 sq km with plays in about 600-800 m of water. Petrel holds a 15% interest and is substantially carried by Woodside through the initial exploration programmes. Significant work has been done and we are ready to undertake a 3D seismic acquisition programme which will better identify and outline potential hydrocarbon bearing structures. The programme is expected to be undertaken in 2016. The targets are large.