Azeire has secured approval for both the extension of Frontier Exploration Licence 1/13 (FEL 1/13) and the conversion of Licence Option 16/17 (LO 16/17) to Frontier Exploration Licence 1/19 (FEL 1/19), starting 1 February, in offshore Ireland.
The approval was granted by the Minister of State at the Department of Communications, Climate Actions and Environment.
With the two-year extension and conversion awards in the Porcupine basin, along with Azeire’s existing licence options in the FastNet and North Celtic Sea basins, the company is set to benefit from the insights expected to be obtained from various planned upcoming wells.
Azeire has 100% operated licence interests in Ireland over a high-graded acreage position totalling 5,708km².
Azeire director Diz Mackewn said: “These FELs cover 2,552km² along the eastern side of the Porcupine Basin in an area which is due to see increased drilling activity.
“This includes the planned drilling of the Iolar prospect by Nexen Petroleum and partners in 2019, and then potentially followed by an exciting Dunquin South well, which is adjacent and downdip from FEL 1/13 and FEL 1/19 and is reportedly being considered by the ENI-operated partnership.”
The company’s work programme aims to deliver high-impact prospects that are ready for drilling within the next two to three years.
Mackewn added: “We have a considerable 3D seismic database which covers a large proportion of these two licences. We have already managed to achieve significant quality uplift through data reprocessing, with more still planned.”
The company also acquired its interest in FEL 1/13 in 2016, through its acquisition of the entire share capital in Antrim Exploration (Ireland).