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Corrib East - LO16/23

Licensing Option 16/23, which covers some 960 square kilometres in the Slyne/Erris Basin, was awarded to Faroe (100%) in 2016 as part of the second tranche of awards made under the 2015 Atlantic Margin Licensing Round.

Corrib East

Corrib East - LO16/23

Area Equity Partners Blocks
Slyne / Erris Basin 20% equity Nexen Petroleum UK Ltd (80% and operator) 19/7, 19/8 (Part), 19/11 (Part), 19/12 (Part), 19/16 (Part), 19/17

The three-year Licensing Option lies in 280 metres of water and is approximately 15 kilometres east of the Corrib gas field (operated by Shell), which came on-stream at the end of 2015.

The main lead is a large tilted fault-block structure in which Triassic Sherwood sandstones (the same reservoir as in Corrib) are identified as the main reservoir target.

In March 2017, the Company entered into a farm out agreement with Nexen Petroleum UK Limited, transferring operatorship of this licence and an 80% working interest (Faroe 20%).  In return Nexen will meet the full costs of the associated work programme including any acquisition of seismic data and potentially the drilling of an exploration well.