Antrim Energy's farm out deal with Kosmos Energy approved

Antrim Energy's farm out deal with Kosmos Energy has been given the green light by the Irish government.

Antrim Energy's farm out deal with Kosmos Energy has been given the green light by the Irish government.

The two will now apply to the Minister of State at the Department of Communications, Energy and Natural Resources for the licensing option 11/5 to be converted into a 15-year frontier exploration licence.

Kosmos will become operator of the option and will acquire a 75% stake in the asset by paying for a 3D seismic programme across the area.

"Antrim is very pleased to receive this consent from the Irish government, and equally pleased at the enthusiasm demonstrated by Kosmos to initiate 3D seismic acquisition planning so quickly," said Chief Executive, Stephen Greer.

The licence, also known as the Skellig Block, is located adjacent to the Dunquin exploration project, where ExxonMobil is currently drilling a deep water well, targeting an estimated 1.7bn barrel oil equivalent target.

Shares rose 2.33% to 11p at 12:34 Tuesday.

RD

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