Project Profile
Location: North Celtic Sea Basin east of and on trend with the Kinsale Gas Field
Unrisked P50 gross prospective resources: 1.29 billion barrels of oil, 1.34 trillion cubic feet of gas initially in place
Area: 881 sq. km
Water Depth: Up to 100 metres
The Shanagarry licensing option is located in the North Celtic Sea Basin east of and on trend with the Kinsale Gas Field and the undeveloped Barryroe Oil Field and covers an area of 881 sq. km. The Licensing Option commences from 1 December 2012 until 31 May 2014 and includes part-Blocks 49/18, 49/19, 49/20, 49/23, 49/24 and 49/25 in the North Celtic Sea. The Shanagarry acreage lies in water depths of up to 100 metres.
Shanagarry licence option holds unrisked P50 gross prospective resources of 1.28 billion barrels of oil and 1.34 trillion cubic feet of gas initially in place. A new evaluation by SLR Consulting had looked at three gas and two oil horizons on the Shanagarry structure, which was uncovered by Marathon Oil and Enterprise Oil in the 1980s but never fully tested. The new data had shown that Shanagarry structure bore geological similarities to both Providence Resources’ Barryroe oil discovery and the explorer’s own Deep Kinsale gas prospect.
The P50 estimates on the North Celtic Sea play’s 49/19-1 structure translate into risked volumes of 171.7 million barrels of oil and 74 billion cubic feet. Fastnet Oil & Gas holds an 82.35% operatorship interest in the Shanagarry licence option, made up of five part blocks off the Cork coast, after a farm-in last November 2012. It is required under licence terms to gather 200 square kilometres of 3D seismic data by the end of 2014.
Operators:
Fastnet Oil & Gas: Operator with 82.35% interest
Adriatic Oil plc: 15.50% interest
Carob Ltd: 1.075% interest
Petro-Celtex Consultancy Ltd: 1.075% interest
Contractors:
SLR Consulting: Evaluation of field