Island Oil and gas annonce Tír na nÓg Licence award
Island Oil & Gas plc, today announces that it has been granted a 50% interest in Frontier Exploration Licence 3/08 covering blocks 61/9, 61/10 and 62/6 in the south of the Porcupine Basin adjacent to the Goban Spur. The Licence, newly named as the ‘Tír na nÓg Licence’, was awarded in the Porcupine Licensing Round. Island will be the operator and Supernova Ireland Resources BV will hold the remaining 50% interest in the new Licence after a joint bidding process.
The Tír na nÓg Licence, which covers an area of approximately 800 square kilometers, is located in deep water (averaging 1500 meters) on the Atlantic Margin approximately 250 kilometers off the southwest coast of Ireland. The Licence contains one very significant exploration prospect, covering an area of up to 360 square kilometers, which Island believes has the potential to be a multi-billion barrel target Frontier Exploration Licence 3/08 is effective from 12 March 2008 and is valid until 11 March 2021 unless surrendered or revoked. Unless a well is committed to on or before 12 December 2011, the Licence will expire on 11 March 2012. The work programme committed to during the first phase of the licence includes regional desktop studies, basin modeling work and new seismic acquisition.
