viewPetrel Resources PLC

Petrel says Irish offshore seismic programme has now kicked off

Some 2,400 square kilometres will be surveyed offshore Ireland, and around 40% of that area relates to Petrel's 15% owned exploration project.

offshore oil platform
The seismic programme will take around five weeks.

Petrel Resources Plc (LON:PET) has told investors that a seismic exploration programme is now underway in and around its acreage off Ireland’s west coast.

The AIM quoted explorer’s partner, Australian major Woodside Energy, has begun the 2,400 square kilometre programme and some 40% of that relates to Petrel’s 15% owned Frontier Exploration Licence (FEL) 3/14.

“The programme is expected to complete within 5 weeks, but the processed and interpreted results will require many months thereafter. A further announcement of the results will be made in due course,” Petrel said in a brief statement.

The company added that the programme is being carried out by contractor PGS, the seismic parameters are state-of-the-art, and Petrel’s share of the costs are ‘carried’ by Woodside.

Quick facts: Petrel Resources PLC

Price: 4.08 GBX

Market: AIM
Market Cap: £6.41 m

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