Forest Gate Resources Inc. reports that the company and its partners have been granted a new exploration licence, Standard Exploration Licence No. 3/07, in the Celtic Sea Basin over the Blackrock discovery.
The Irish Minister for Communications, Marine and Natural Resources has approved the granting of a new Petroleum Exploration License to Providence and its existing partners.
Standard Exploration License 3/07 has been granted over part blocks 48/29, 48/30 & 49/26 in the North Celtic Sea Basin. License No. 3/07 is a successor license to Licensing Option 03/1, which contains the “Blackrock” oil discovery.
Providence, the operator, has also successfully concluded its Ocean Bottom Seismic (OBS) Survey over the Blackrock oil discovery. The survey was carried out in November 2006 by the Ocean Bottom Instrument Consortium (OBIC). The data have since been processed and interpreted by OBIC. The results support the post-drill interpretation of the 2004 Blackrock well and indicate the potential presence of additional hydrocarbons between the existing well control points.
In addition to the OBS data, multi-channel reflection seismic data were acquired along two transects over the crest of the Blackrock structure. These lines indicate that the crestal area is larger than had been previously mapped and also indicates the possible presence of a gas chimney. These encouraging data will now be factored into the assessment of future drilling plans and locations.
The farm-in follows on from the recent announcements where Forest Gate farmed into Standard Exploration License 2/07 on similar equity positions.
The participants in the license are: Providence Resources Plc. 40% (Operator), Forest Gate Resources Inc. 15%, Challenger Minerals Ltd. 15%, Dyas BV 15%, Atlantic Petroleum Ltd. 10% and Midmar Energy Ltd. 5%.