🕐17.10.11 - 16:54 Uhr
PETREL RESOURCES PLC - RNS - PETREL AWARDED TWO BLOCKS IN IRISH OFFSHORE LICENCING ROUND - OCT 2011
17th October 2011
Petrel Resources PLC
Petrel awarded two blocks in Irish Offshore Licencing round
* Petrel is awarded two licensing options in the prospective
Porcupine Basin.
* These licences total 1,405 km2 in extent, and compare well in
prospectivity with any frontier acreage of any emerging oil & gas
province.
* Irelands fiscal terms are competitive internationally.
* Petrels technical team has detailed knowledge of offshore
Ireland.
The Irish Atlantic margin has an established petroleum system, though
there have not yet been large discoveries.
Irish fiscal terms are competitive internationally.
The tax regime is
that there is a special Corporate Tax rate of 25% applying to profits
from petroleum production and an additional Profit Resource tax of
between 5% and 15% that applies in the case of more profitable fields.
The Profit Resource Tax is determined by the ratio of profit to capital
invested.
Significant gas discoveries will have a ready market.
According to the
International Energy Agency, Ireland is 58% dependent on gas for
electricity generation, of which 95% is imported.
Two interconnectors
link Ireland to the Scottish pipeline system and general European gas
grid.
To encourage discoveries and domestic hydrocarbon supplies, 257,200km2
of sedimentary acreage, including most of the available Atlantic
acreage, was opened up by the Irish Department of Communications, Energy
and Natural Resources in late 2010 for bidding in May 2011.
At a Conference in Dublin on 17th October, Minister of Communications,
Energy and Natural Resources Pat Rabbitte TD announced the results of
the bid round.
The Minister has offered Petrel Resources plc a total of 1,405 km2 of
prospective acreage in the Porcupine Basin, including Licensing Options
over blocks 35/23, 35/24, the key parts of 35/25, 45/6, 45/11, 44/15 and
45/16.
David Horgan, Managing Director, commented:
"This is excellent news: the high hydrocarbon prices, fast-developing
offshore technology and a proven hydrocarbon system means that Irelands
opportunity for offshore exploration has finally come.
Petrel bid for Irish offshore acreage in May 2011.
We focused on the
prospective Porcupine Basin, of medium water depth (1,500 metre).
The
petroleum system is proven, water depth moderate, title secure and
fiscal terms attractive.
There was considerable industry interest in the current round.
We are
delighted to have been offered two blocks.
We have already started
initial work and look forward to executing this exciting project.
There will be discoveries in the Irish offshore."
Enquiries:
Petrel Resources Plc
David Horgan, Managing Director
+353 (0)87 292 3500
John Teeling
+353 (0)1 833 2833
Northland Capital Partners Limited
Katie Shelton / Alice Lane
Gavin Burnell
+44 (0)20 7796 8800
College Hill
Nick Elwes
+44 (0)20 7457 2020
www.petrelresources.com
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