Petrel Resources identifies Atlantic targets

Exploration firm Petrel Resources said studies of its blocks in the Atlantic offshore area had revealed several new targets for the firm as it seeks to attract larger partners.

The London-listed firm said it had completed the first two phases of work at the blocks, and technical studies of option blocks in the northern and eastern sections of the Porcupine Basin were encouraging.

The company said its focus was on the northern and eastern parts of the Porcupine Basin, where it was testing for the presence of reservoir sands. The company said it was aiming to develop targets that would appeal to large partners.

Petrel was awarded licensing options over 1,400 sq km in the basin late last year. Managing director David Horgan said international firms were re-examining the Irish off-shore, with high oil prices, better technology and competitive terms making Ireland more attractive.

“Porcupine Basin exploration previously concentrated on Jurassic targets like those in the northern North Sea. Lack of commercial success led to interest fizzling out,” he said. “Success in comparable reservoirs elsewhere, especially in the West African offshore, led to fresh ideas and a resurgence of interest in similar targets offshore Ireland.”