Azeire, an Ireland focused oil and gas exploration company backed by Seacrest Capital Group, has been awarded a licence extension by the Irish Government with one licensing option converted to a frontier exploration licence.
The Minister of State at the Department of Communications, Climate Actions and Environment approved both the extension of Frontier Exploration Licence 1/13 (FEL 1/13) for two years, and the conversion of Licence Option 16/17 (LO 16/17) to Frontier Exploration Licence 1/19 (FEL 1/19), commencing 1 February 2019.
Azeire is one of the largest acreage holders offshore Ireland with extensive 100 per cent operated licence interests over a high-graded acreage position totalling 5,708km2. Azeire was awarded LO 16/17 covering blocks 44/14P, 44/15P, 44/19, 44/20, 44/25, 45/21, 45/26a in the 2015 Atlantic Margin Licensing Round and acquired its interest in FEL 1/13 in 2016, through its acquisition of the entire share capital in Antrim Exploration (Ireland) Limited
Diz Mackewn, director of Azeire, commented: “We are very pleased to be able to take these two highly prospective adjacent licences forward with a view to determining drillable prospects within the new licence periods. These FELs cover 2,552km2 along the eastern side of the Porcupine Basin in an area which is due to see increased drilling activity. This includes the planned drilling of the Iolar prospect by Nexen Petroleum and partners in 2019, and then potentially followed by an exciting Dunquin South well, which is adjacent and downdip from FEL 1/13 and FEL 1/19 and is reportedly being considered by the ENI-operated partnership.”