Exploration company Petrel Resources has formally accepted two new licensing options awarded in the Porcupine Basin, off the coast of Ireland.
The licences are phase two of the 2015 Atlantic Ireland licensing round.
Petrel is the full operator of the licences.
In a statement, the company said the licences are for two years with agreed work programmes following which Petrel has the option to convert to Frontier Exploration Licences.
Petrel Director David Horgan said that the resounding success of the 2015 bid round has transformed the Irish Atlantic, and especially the Porcupine Basin.
"When we first applied for acreage in 2011 it was a lonely path. Financial markets were sceptical and the industry unconvinced. We have persisted with our work on and evangelising of the Porcupine Basin," he said.
He said that recent technological advances, better understanding of geology and higher average oil and gas prices have opened up the Irish Atlantic.
"We plan to apply new techniques and lessons learnt elsewhere to the new ground, approaching innovative partners open to different ideas, and we hope to expand our Porcupine Basin presence in the future," he added.
