AzEire Ireland Assets (source: AzEire)
AzEire Ltd., the Ireland focused oil and gas exploration company backed by Seacrest Capital Group, is pleased to announce that it has been awarded an extension to its 100% working interest FEL 1/13 Licence (“the Licence”) in the Porcupine Basin.
The extension is to the first phase of FEL 1/13 by two years to 4th July, 2018 and a 2 year extension to the subsequent second, third and fourth phases of the Licence to 4th July, 2022, 2026 and 2030 respectively.
AzEire has undertaken to conduct a work programme which includes; reprocessing of the existing 3D seismic data, rock physics, geochemical modelling and integration of results into a full play and prospect assessment of the licence area.
The consent for the extension was given by the Minister for Communications, Climate Actions and Environment.
AzEire acquired a 100% participating interest in FEL 1/13 during the fourth quarter of 2016, further to its acquisition of the entire share capital in Antrim Exploration (Ireland) Limited. In addition, AzEire was awarded a 100% participating interest in two further Licence Options (“LO’s”) – LO 16/31 and LO 16/32 covering multiple blocks in the North Celtic Sea and Fastnet Basins. These recent awards together with AzEire’s existing portfolio now position the company as the largest acreage holder offshore Ireland with a net footprint covering 7,166km².