The volume of oil in place cannot yet be estimated with certainty as considerable technical work remains to be done, but the results to date are encouraging. Using the geological and petrophysical data obtained, Serica Energy will now carry out a remapping exercise using the 3D seismic data to evaluate further the prospectively of license FEL 1/06 as well as the potential of the three remaining Sherwood sand gas prospects in the license.
Serica Energy chief executive officer, Paul Elis said: “This is the first oil discovery west of Ireland for nearly 30 years. Serica’s 600 square kilometer license area contains several prospects and we shall now be evaluating them as potential drilling targets. Although much more work needs to be done before the commercial potential of the discovery and the rest of the license can be established, the Bandon oil discovery could mark the beginning of an exciting phase of Irish exploration.”
Serica Energy holds a 50% interest in Irish petroleum exploration license FEL 1/06 comprising blocks 27/4, 27/5 (part) and 27/9 in the Slyne basin off the west coast of Ireland. This Frontier license was granted by the Irish government in December 2006 for a maximum term of 15 years and Serica Energy is the license operator. The remaining 50% interest is held by RWE Dea AG.
