Ireland upgrades Avalon acreage to frontier licence
Total and its partners have successfully applied to convert a licensing option (LO 16/27) in the southern Porcupine basin offshore south-west Ireland to a frontier exploration licence (FEL 2/19).
The concession contains the undrilled Palaeocene Avalon prospect, close to the previously drilled Dunquin North structure.
If the partners commit to drill an exploration well, Total will pay 60% of the costs, subject to a cap of US$42 million.
Source: Offshore Magazine