All resolutions before the meeting were passed.
· Petrel has ongoing activities in the Irish Atlantic Porcupine Basin and in Ghana.
· The Irish Atlantic Porcupine Basin is now an area of renewed industry interest – due to apparent similarity to the ‘West African Cretaceous play’ and the ‘Eastern Canada pre-rift Jurassic play’. Several majors have entered via the 2015 Bid Round, in which Petrel won 2 Licensing Options. Several 3D seismic acquisition programmes were conducted during 2016, with more underway in 2017. A separate consortium is drilling a deep water well 220 km off the Cork/Kerry coast. Any major discovery in this basin will transform industry perceptions and the farm-out market.
· Petrel holds a carried 15% stake in block FEL 3/14 in the northern Porcupine Basin, on which the 85% operator Woodside Energy, is completing an extensive 3D seismic analysis of data acquired in mid-2016. Circa 1,400 km2 of the state-of-the-art 3D data was acquired on or around FEL 3/14. The field contractor was PGS. The data has been processed by contractor DownUnder GeoSolutions (DUG) operation in Australia. The final seismic Pre-Stack Depth Migration (PreSDM) seismic data is expected to be submitted to the operator Woodside Energy, by end July, for working up drillable targets. Advanced 3D seismic interpretation of several pre-rift and syn-rift unconformities will be conducted by the operator, Woodside Energy.
This work is intended to de-risk identified Jurassic and Cretaceous plays that may lead to one or more well commitment in the 2nd work phase, now running 1/9/2018 through 31/8/2022.