Offshore staff
DUBLIN, Ireland -- Island Oil & Gas has been granted a 50% interest in Frontier Exploration License 3/08 covering blocks 61/9, 61/10, and 62/6 in the south of the Porcupine basin adjacent to the Goban Spur. The License, newly named Tír na nÓg, was awarded in the Porcupine licensing round. Island will be the operator and Supernova Ireland Resources will hold the remaining 50% interest after a joint bidding process.
The Tír na nÓg License, which covers an area of approximately 800 sq km (309 sq mi), is located in deepwater (averaging 1,500 m [4,921 ft]) on the Atlantic Margin off the southwest coast of Ireland.
According to the company, the license contains one very significant exploration prospect, covering an area of up to 360 sq km (139 sq mi), which Island believes has the potential to be a multi-billion barrel target.
"This area of the Porcupine and Goban Spur basins is largely under-explored and has been tested by one well to date, 62/7-1," says Paul Griffiths, chief executive of Island. "This well was immediately adjacent to our new license and encountered good oil shows."
03/19/2008
