History

In November 2013, the Company agreed a phased farm-in in relation to the Helvick and Dunmore discoveries with MFDevCo, formerly known as ABT Oil and Gas, a UK based company who has proprietary technology for the deployment of low cost development solutions for marginal fields. As part of the farm-in, MFDevCo is assisting the joint venture partners in carrying out a detailed phased work programme.

In March 2016, the Minister awarded a separate Lease Undertaking for both the Helvick and Dunmore oil discoveries. The MFDevCo work programme is expected to determine whether the discoveries could be developed commercially, through the use of MFDevCo’s innovative low-cost development technologies. If the joint venture partners determine that the discoveries can be developed commercially, MFDevCo would carry out the necessary work required to prepare and submit, to the Minister, an outline plan of development and an application for a Petroleum Lease in respect of each discovery.

Subject to the award of a Petroleum Lease by the Minister, the next phase of the work programme would then involve the preparation and submission of a formal plan of development to the Minister. Subject to completion of such a work programme in full, and Ministerial approval of the plan of development, MFDevCo would earn in aggregate a 50% working interest in the Helvick and Dunmore discoveries. The  audited  recoverable  resource  estimate  for  Helvick is c. 3 MMBO, whilst the joint ventures’ latest internal work indicates a STOIIP resource estimate for Dunmore of up to c. 17 MMBO.