IRELAND - CELTIC SEA BASIN - SEL 2/07

Standard Exploration Licence 2/07

ASSET:
PROVIDENCE EQUITY:
OPERATOR:
PARTNERS:  

HOOK HEAD
72.5%
PROVIDENCE
ATLANTIC PETROLEUM, 
SOSINA EXPLORATIONS

The Company currently holds a 72.5% working interest in and is operator of Hook Head which is located c. 60 km off the south coast of Ireland and is situated in c. 70 m water depth. Currently held under SEL 2/07, the area is the subject of a Lease Undertaking application with the Irish government.

 

History

SEL 2/07 was awarded to the Company and its partners in 2007.
Hook Head has had four wells drilled on it, all of which have logged hydrocarbon bearing reservoir intervals. Hook Head has audited recoverable resources of c. 35 MMBO (2C) in the drilled central part of the stucture. The Company has made an application for a Lease Undertaking for Hook Head to allow the partners to evaluate innovative methods to commercialise this discovery with third parties. The current working interests in Hook Head are Providence (72.5%), Atlantic (18.3%), and Sosina (9.2%)

 

Lease Undertakings

ASSETS:
PROVIDENCE EQUITY:
OPERATOR:
PARTNERS:  

HELVICK & DUNMORE
62.5%
PROVIDENCE
ATLANTIC PETROLEUM, 
SOSINA EXPLORATIONS,
LANSDOWNE

The Company currently holds a 56.25% working interest in and is operator of Helvick which is located c. 40 km off the south coast of Ireland and is situated in c. 75 m water depth. Previously held under SEL 2/07, the area is now held under a Lease Undertaking in conjunction with Dunmore. The working interests in Helvick are Providence (56.25%), Atlantic (16.5%), Lansdowne (9%), Sosina (8.25%) and MFDevCo (10%), with the Company acting as operator.
The Company currently holds a 65.25% working interest in and is operator of Dunmore which is located c. 40 km off the south coast of Ireland and is situated in c. 70 m water depth. Previously held under SEL 2/07, the area is now held under a Lease Undertaking in conjunction with Helvick. The current working interests in Dunmore are Providence (65.25%), Atlantic (16.5%), Sosina (8.25%), and MFDevCo (10%) with the Company acting as operator.

 

History

In November 2013, the Company agreed a phased farm-in in relation to the Helvick and Dunmore discoveries with MFDevCo, formerly known as ABT Oil and Gas, a UK based company who has proprietary technology for the deployment of low cost development solutions for marginal fields. As part of the farm-in, MFDevCo will assist the joint venture partners in the carrying out of a detailed phased work programme. In March 2016, the Minister awarded a separate Lease Undertaking for both the Helvick and Dunmore oil discoveries.The MFDevCo work programme will determine whether the discoveries can be developed commercially, through the use of MFDevCo’s innovative low-cost development technologies. If the joint venture partners determine that the discoveries can be developed commercially, MFDevCo will carry out the necessary work required to prepare and submit, to the Minister, an outline plan of development and an application for a Petroleum Lease in respect of each discovery.
Subject to the award of a Petroleum Lease by the Minister, the next phase of the work programme would then involve the preparation and submission of a formal plan of development to the Minister. Subject to completion of the work programme in full and Ministerial approval of the plan of development, MFDevCo will earn in aggregate a 50% working interest in the Helvick and Dunmore discoveries. The  audited  recoverable  resource  estimate  for  Helvick is c. 3 MMBO, whilst the joint ventures’ latest internal work indicates a STOIIP resource estimate for Dunmore of up to c. 17 MMBO. MFDevCO is continuing its work programme on Helvick and Dunmore and the Company is awaiting details on its Hook Head Lease Application.
 

Related press release - 2019

27 August 2019
UPDATE ON BARRYROE FARM-OUT TRANSACTION

Related press release - 2017

2 November 2017
Licence Updates - Helvick, Dunmore & Dunquin South

Related press release - 2016

18 February 2016
ASSET PORTFOLIO UPDATE - CELTIC SEA BASINS

Related press release - 2013

13 November 2013
ABT OIL & GAS AGREES TO FARM INTO HELVICK & DUNMORE OIL DISCOVERIES