Business
Amendment - Farm-out agreed for Ireland acreage
Amendment - Farm-out agreed for Ireland acreage.
About this update from Petrel Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1152I Petrel Resources PLC 28 June 2013 \n \n\n \n \nAmendment \n \n \n \n \n \n28 June 2013 \n \n \nPetrel Resources plc\n(\"Petrel\" or the \"Company\")\n \nFARM-OUT AGREED FOR OFFSHORE IRELAND ACREAGE\n \nPetrel Resources plc is pleased to announce that it has agreed to farm-out 85% of its Atlantic Porcupine Basin holding to Woodside, Australia's largest independent oil and gas company. \n \nThe agreement covers all of Petrel's participating interest in Licensing Option 11/6 (comprising offshore blocks 45/6, 45/11 and 45/16) and Licensing Option 11/4 (comprising offshore blocks 35/23, 35/24 and the western half of 35/25). \n \nThe Agreement is subject to the execution of fully-termed agreements, completion of due diligence and other necessary government approvals. It includes any subsequent frontier exploration licences that are granted in respect of the licensing options. \n \nWoodside will be operator of the licensing options. \n \nThe Irish authorities have been notified.\n \nPetrel's Managing Director David Horgan commented:\n \n\"This is a momentous development for Irish offshore exploration, introducing a world leader in deepwater exploration and production. The Irish Porcupine Basin is a frontier province which needs new approaches.\"\n \n\"Woodside is considered a benchmark in gas and condensate development, and the most innovative large operator to have studied the Porcupine Basin. Woodside's rapid development of challenging projects in Australia's North West Shelf, including the recent Pluto LNG success, show what can be achieved. Woodside has discovered vast reserves, and brought them into production safely and quickly.\"\n \n\"This development vindicates the Irish Government's bold Licensing Option Bid Round approach, which has sparked industry interest.\"\n \n\"The Irish offshore was a hard sell in recent decades, but its time has finally arrived.\"\n \nEnquiries:\n \n\n\n\n\nPetrel Resources Plc\n\n\n\n\n\n\n\nDavid Horgan, Managing Director\n\n\n+353 (0)87 292 3500\n\n\n\n\nJohn Teeling, Executive Chairman\n\n\n+353 (0)1 833 2833\n\n\n\n\n\n\n\n\n\n\n\n\nNorthland Capital Partners Limited\n\n\n\n\n\n\n\nJohn Howes / Alice Lane\nEdward Hutton / ...