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Petrel upbeat on Porcupine prospects

Thursday, September 20 10:19:00

Irish oil and gas explorer, Petrel Resources, today saw its London-listed shares soar after it gave an upbeat assessment of its prospects in the Porcupine Basin off the Irish coast.

Petrel shares were up 1.18 pence sterling at 7.05 pence each.

"Management is encouraged by results emerging from the technical study of the Option blocks in the northern and eastern sections of the Porcupine Basin," it said in a statement to the markets.

Two phases of work have been completed and "several" new targets have been identified.

Managing director David Horgan said: "We are excited by the progress being made in the Atlantic margin, as we look to develop our promising assets and yield value for shareholders. "Petrel has identified encouraging targets at the Lower Cretaceous and Tertiary levels in both sets of our blocks, with those in blocks in quadrant 35 looking particularly promising. "Our objective is to develop targets that will attract large partners, to facilitate an early seismic campaign, followed by exploration wells."

In October 2011 Petrel was awarded licensing options over 1,400 km2 in the Atlantic Porcupine Basin.

"Success in the Atlantic margin elsewhere shows what can be achieved with new thinking and improving technology," said Horgan. "Additionally the high oil price and competitive terms are making Ireland more attractive."