Petro River Oil Corp. has announced that Petro River UK Ltd, its wholly owned subsidiary, entered into a Farmout Agreement to acquire a 9% interest in Petroleum License PL 1/10 and P212. PL 1/10 and P212 are located in the Larne Basin in Northern Ireland. The two Petroleum Licenses, one onshore and one offshore, together encompass approximately 130 000 acres covering the large majority of the prospective Larne Basin. The other parties to the Farmout Agreement are Southwestern Resources Ltd, which will acquire a 16% interest, and Brigantes Energy Ltd, which will retain a 10% interest; the remaining 65% interest will be owned by third parties.
The Larne Basin has broad similarities to the highly prolific Carboniferous sourced East Irish Sea Basin to the southeast, which has produced over 200 million bbls of oil and 4 trillion cubic feet of gas. The initial well to be drilled as part of the Farmout Agreement, the Woodburn Forest #1, is permitted, funded and scheduled to be drilled in 1Q16. It will be drilled onshore to a depth of about 6000 feet and will test the entire sequence of petroleum objectives, including the Carboniferous source. The well has prospective, un-risked, recoverable resources in excess of 30 million bbls of oil.
Stephen Brunner, President of Petro River, stated: "This acquisition is consistent with our strategy of acquiring valuable assets in the current oil market. Due to historical political and geological issues that have now been resolved, the Larne Basin remains the only truly untested Carboniferous Basin in Europe. We are excited about drilling the initial well, Woodburn Forest #1, early this year. The potential discovery would be a significant milestone for Petro River."
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/21012016/petro-river-oil-corp-acquires-interest-in-petroleum-licenses-2223/