Diversified oil and gas exploration company Petrel Resources has completed initial work on two prospective licencing options in the Porcupine Basin in offshore Ireland.
The company said it was moving forward in talks with prospective partners.
The company reported that in addition to previously identified potential on Quad 35,Quad 45 (Option 11/6) had the capability to hold several hundred million barrels of in-place oil.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Petrel Resources said that interest in the Porcupine Basin continued to rise with the nearby ExxonMobil well about to be spudded on the Dunquin prospect.
The company reported that the basin contains known working petroleum systems at Jurassic and Cretaceous levels, with oil/gas shows recorded in most of the 29 exploration wells drilled in previous times.
The company said that flows of good quality oil had been recorded from three wells, with condensate flows recorded in a fourth well.
Since award of the options, the company said that it had purchased additional 2D seismic data, 3D seismic data and well logs to supplement its data base.
David Horgan, Managing Director of Petrel, commented: "We have long believed that the offshore Porcupine Basin is a hydrocarbon province. This has been further supported by our recent work in identifying potential prospects on both of our blocks.
"The spudding of a well by Exxon Mobil in the nearby Dunquin prospect will add to the interest. We look forward to increased activities across the Basin which we believe has the potential to be a major new oil province. We have commenced our search for potential partners."
Petrel Resources' share price was up 15.83% to 17.38p at 09:45 on Tuesday.
Nationwide: UK house prices creep up by 0.2% - are we heading for a rebound?
Nationwide’s latest house price index shows property prices inched up by 0.2% as demand warms up - will this trend go into 2024?
By Kalpana Fitzpatrick Published
December 2023 NS&I Premium Bond winners revealed - have you won the jackpot?
Two Premium Bond holders are now millionaires as NS&I reveals December winners. Find out if you’re one of them
By Vaishali Varu Published