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Petrel rides Irish oil boom as prepares to ink deal with Woodside

Published: 09:18 28 Jun 2013 BST

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Petrel Resources (LON:PET) is the latest company to benefit from the upswing in interest in Ireland as the world’s latest oil frontier.

It said it plans to farm out 85% of its holdings in licences in the Porcupine Basin, on the Republic’s Atlantic margin, to Woodside, Australia's largest independent oil and gas firm.

Very few other details were given. For instance, we don’t yet know just what work will be carried out by Woodside in return for its 85%.

Petrel said the agreement is subject to “fully-termed agreements, completion of due diligence and other necessary government approvals”.

Petrel's managing director David Horgan said: "This is a momentous development for Irish offshore exploration, introducing a world leader in deep-water exploration and production.

“The Irish Porcupine Basin is a frontier province which needs new approaches.

"Woodside is considered a benchmark in gas and condensate development, and the most innovative large operator to have studied the Porcupine Basin.

“Woodside's rapid development of challenging projects in Australia's North West Shelf, including the recent Pluto LNG success, shows what can be achieved. Woodside has discovered vast reserves, and brought them into production safely and quickly."

"This development vindicates the Irish Government's bold licensing option bid round approach, which has sparked industry interest."

The shares rose 8% to 15.15p each.

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