Corrib East - LO16/23
|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.