Exploration company Island Oil and Gas has been granted a 50% interest in a new licence in the Porcupine Basin, 250 kilometers off the southwest coast of Ireland.
The licence, newly named as the Tir na nÓg licence, covers an area of about 800 square kilometers and is located in deep water.
Island will be the operator of the licence and Supernova Ireland Resources will hold the remaining 50% interest after a joint bidding process.
Island says the licence contains one very significant exploration prospect, which it believes has the potential to be a multi-billion barrel target.
'We believe this licence potentially contains a high risk/high reward multi-billion barrel oil prospect,' said Island Oil and Gas CEO Paul Griffiths.
'Any success gained through the planned and future work being carried out on the Basin by other operators, will significantly de-risk our prospect as well as potentially increase its value,' he added.
