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Displaying items by tag: PerbeckoWealden

#Oil - Fastnet Oil & Gas has executed its exclusive option agreement to farm into its Deep Kinsale Prospect beneath the Kinsale Head Gas Field.

The option agreement with Petronas subsidiary Kinsale Energy is confined to geological formations below 4,000 feet subsea. Fastnet will conduct a 3D seismic survey over 500 sq km in the Celtic Sea prospect by the end of the year as well as complete necessary geological and engineering studies.

The agreement also gives Fastnet an exclusive option to test the geologically similar Purbecko-Wealden reservoirs productive in Barryroe, a prospect that has proven a bounty for Providence Resources.

Fastnet chair Cathal Friel said: "We are delighted to have added an exclusive option to farm into and potentially drill the Deep Kinsale Prospect in 2014.

"It represents an attractive addition to our Irish portfolio as we have long held a belief that Deep Kinsale offers the potential to yield up another significant hydrocarbon discovery offshore Ireland. This belief has been further strengthened by the successful appraisal of Barryroe in 2012, which is geologically analogous to Deep Kinsale.

"We greatly look forward to working in close cooperation with our colleagues at Kinsale Energy, as we collectively seek to de-risk the prospect for drilling."

As previously reported on Afloat.ie, Fastnet Oil & Gas announced in December its plans to spend more than €20 million on the Celtic Sea's biggest ever seismic study on blocks off the south coast which were drilled in the 1980s and later abandoned.

New techniques in the oil industry are now allowing previously unviable resources to be extracted, as fellow prospectors Petrel Resources are planning to do off the Kerry coast.

Published in Coastal Notes

About Foyle Port

Foyle Port, located in the North West region of Northern Ireland, is estimated to handle around 2 million tonnes of cargo per year, with a trade value of approximately £1 billion. The port plays a crucial role in facilitating the import of essential agri-products, supporting around 20,000 farms in the region, as well as various local business sectors such as fuel/oil and construction industries. The organisation supports an estimated 1000 direct and indirect jobs.

Originally located in the bustling heart of Derry City, the Commissioners relocated the port to its current deep-water location at Lisahally in 1993. The terminal boasts an impressive 440 metres of quay and can accommodate large vessels of up to 62,000 DWT. Foyle Port is primarily a bulk port and a significant importer of essential commodities such as oil, coal, animal feed, fertiliser, and plywood, all of which are vital for the North West rural region.

Since 2003, the organisation has experienced significant growth, doubling both turnover and profit and attracting approximately £100 million of inward investment to the region. This investment has supported projects, including a fertiliser plant, an oil tank farm, and a biomass power station.

Established by Act of Parliament in 1854, the Londonderry Port & Harbour Commissioners is an independent statutory authority with a duty to develop, maintain and operate to the highest standards of efficiency, financial prudence, environmental awareness, safety, and security. The Port is independent of the Government and is self-financing. All financial surpluses are reinvested in the business for the benefit of future generations of stakeholders.