Standard Exploration Licence 2/11
The Company currently holds an 100% working interest in SEL 2/11, which lies c. 8 km offshore Dublin in c. 25 m water depth.
Licensing Option (LO) 08/2 was originally awarded to the Company (50%) and Star Energy (Petronas, 50%) in 2008, with the Company as operator.
In December 2011, LO 08/2 was converted into SEL 2/11 with the same working interests and an exploration well commitment was made by the JV partners. In January 2012, a Foreshore Licence application was made to carry out temporary seismic and exploration drilling works on the Kish Bank Oil Prospect. This Foreshore Licence was granted to the Company in October 2012.
In February 2013, the Company elected to voluntarily surrender the Foreshore Licence when it became clear that there had been a governmental transposition error in relation to the European EIA Directive. In 2014, this transposition error was finally corrected but further consultation is now ongoing regarding the application of the Foreshore Act.
In January 2016, the Company assumed a 100% working interest in SEL 2/11 and subsequently, the Company has sought a further time extension from the Irish government so that the Company can advance the requisite permitting process for the drilling of an exploration well. The Lower Triassic Sherwood Sandstone Kish Bank Oil Prospect has estimated un-risked recoverable prospective resources of c. 210 MMBO.
The status of the licence is currently under review and discussion with the regulatory authorities pending clarity on the Foreshore Act and the ability of the Company to carry out its planned activities.