Faroe Petroleum has been awarded a new licence under Ireland’s 2015 Atlantic Margin Licensing Round.

According to the Faroese company, Licensing Option 16/23, which covers some 960 square kilometers in the Slyne/Erris Basin, is one of the second tranche of awards made under the 2015 Atlantic Margin Licensing Round.

Faroe is the operator of this licence (Faroe 100% working interest). The Licensing Option, which has a three-year term, lies in about 280 metres of water and is some 15 kilometers east of the Shell-operated Corrib gas field, which started producing gas at the end of 2015.

Faroe Petroleum said that the main lead is a large tilted fault-block structure in which Triassic Sherwood sandstones (the same reservoir as in Corrib) are identified as the main reservoir target. The main focus of the work program is to improve the seismic image by employing recent advances in modern seismic reprocessing techniques which will be carried out alongside other geological studies.

Graham Stewart, Chief Executive of Faroe Petroleum, said: “We are pleased to have been awarded this Licensing Option, offshore Ireland, where we see attractive prospectivity in the same play as the significant Corrib field. We now have an opportunity to screen potentially significant exploration targets, close to the producing Corrib field, using our extensive knowledge and experience in seismic reprocessing and interpretation. If the results of the initial work program are successful and prospectivity is firmed up, the next steps would be to commit to the acquisition of new seismic data and bring in suitable partners ahead of potential exploration drilling.