Total and partners have applied to convert Licensing Option (LO) 16/27 to a full Frontier Exploration Licence, as announced on 18 April 2018. LO16/27 was awarded on 1 July 2016 as part of the 2015 Atlantic Margin Round and covers 1,323 sq km, located approximately 90km S of the Spanish Point (gas and condensate) and Burren (oil) discoveries. The partners have identified the Palaeocene oil Avalon prospect consisting of a deep-water fan system up to 125m thick, which is viewed as being analogous to the Druid structure drilled 90 km to the SSW by 53/6-1 (2017, Providence), P&A dry. On 13 October 2017, Total farmed in to LO16/27 acquiring 50% WI and operatorship from Providence Resources and Sosina Exploration. Total agreed to pay its pro-rata share of past costs, and an additional 21.4% of past and future costs during the two year LO term (gross cap of US$ 1.33 million). If the conversion to a Frontier Exploration Licence (FEL) is approved and the partners decide to drill the Avalon prospect, Total will pay 60% of drilling costs (gross well cap of US$ 42 million). LO16/27 licence partners are Total E&P Ireland BV (50% + Op), Providence Resources plc (40%) and Sosina Exploration Ltd (10%).
Ireland, LO16/27