Petrel Resources receives 10pc interest in Woodside licensing option

Petrel Resources announced the receipt, after government approval, of a 10% interest in Licensing Option 16/14 on Thursday, which is operated and currently held 100% by Woodside Energy.

The AIM-traded firm said LO 16/14 is a 1,579 square kilometre licensing option, approximately 150 kilometres southwest of Ireland, which covers Blocks 54/11, 54/12, 54/13, 54/16, 54/17 & 54/18.

“The partners have applied to convert the Licensing Option to a full Frontier Exploration Licence,” Petrel’s board explained in its statement.

“An extensive 3D state-of-the-art seismic survey was acquired by contractor PGS during summer 2016.

“This 'Granuaile' dataset has been processed by Down Under GeoSolutions, and final products are due to be delivered to the operator shortly.”