Antrim seeks extension for frontier Irish offshore license

Antrim Energy has issued an update on negotiations for frontier exploration license 1/13 offshore western Ireland.

Apr 25th, 2016

Offshore staff

CALGARY, Canada – Antrim Energy has issued an update on negotiations for frontier exploration license (FEL) 1/13 offshore western Ireland.

In 2013,Kosmos Energy farmed-in to Antrim’s licensing option over the Skellig block and acquired a 75% operated interest in FEL 1/13.

Results from subsequent 3D seismic indicated the presence ofLower Cretaceous slope fan and channel deposits similar in geometry and seismic character to recent Cretaceous oil discoveries offshore West Africa.

Last September, Kosmos decided to withdraw from its interests in Ireland to focus on its African discoveries.

Antrim has since applied for a 100% operated interest in FEL 1/13, subject to government approval of the transfer of Kosmos’ interest.

The license has a 15-year term comprising an initial three-year term followed by three four-year periods. The initial three-year term expires in early July, but Antrim has submitted a request for a two-year extension pending agreement on an additional technical work program.

Antrim hopes to attract a new partner and operator to complete any technical work during the extension, leading to a well commitment at the end of the revised first phase. Drilling costs have decreased substantially since 2013, when the license was first awarded.

04/25/2016

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