25 May 2016
Petrel Resources plc
("Petrel" or "the Company")
Update on the 3D seismic surveys on Petrel acreage in the Irish Atlantic
Petrel Resources plc. ("Petrel" or "the Company") (AIM: PET), is pleased to update the market on the 3D seismic surveys on Petrel acreage in the Irish Atlantic scheduled for summer 2016.
We are pleased to confirm that environmental approvals were received from the Department of Communications, Climate Change, & Natural Resources (formerly the Department of Communications, Energy & Natural Resources) on 4 May.
The reports we submitted and the DCENR Letter of Approval are available at http://www.dcenr.gov.ie/natural-resources/en-ie/Oil-Gas-Exploration-Production/Pages/2016-Statutory-Assessments.aspx
Accordingly, Woodside as Operator awarded both Granuaile and Bréanann 3 Dimensional marine seismic surveys to leading contactor PGS on 6 May. Technical, safety and environmental induction and final preparations were successfully completed on 16 May. The Ramform Vanguard survey vessel and its support vessels sailed from Killybegs on 17 May. The vessels are now mobilising to the Granuaile survey area in the Southern Porcupine Basin, about 150km south-west off the Co. Cork coast.
We anticipate that the Bréanann 3D seismic survey covering, inter alia, Woodside-operated Frontier Exploration Licence 3/14 (Petrel has a 15% carried interest) will start in about 40 days, in the ideal weather window.
David Horgan, Petrel Director, commented, "The prospectivity of Ireland's Porcupine Basin is now generally accepted by the oil industry, with 43 applications by 17 companies in the recent 2015 Bid Round. Discoveries in Canada's Fleming Pass have boosted exploration interest, as this province is seen as a twin of the southern Porcupine Basin - of which it was once part."
"Ireland needs exploration wells drilled on the best possible seismic data. Previous exploration wells mainly targeted relatively shallow water prospects. Technical advances and higher oil and gas prices have opened up new plays."
"The 3D seismic campaign underway this summer represents the state-of-the-art both in safety, environmental standards as well as technical competence. The objective is to de-risk several leads and prospects to drillable status. The partners have succeeded in securing excellent contractors and equipment to conduct this work in the ideal weather window."
Petrel Resources Plc
David Horgan, Director +353 (0) 1 833 2833
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gerry Beaney +44 (0)203 861 6625
John Howes (Broking)
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
Megan Ray +44 (0) 7515 857 619
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS