Helvick Lease Undertaking (49/9p) – Lansdowne 9.00%
The Helvick Field is situated some 40km offshore Ireland in c. 80m (265ft) water depth.
The field was discovered in 1983 by Gulf Oil with the drilling of the 49/9-2 discovery well. This well found oil and gas in Jurassic reservoirs in a downthrown fault-trap and flowed on test at a cumulative rate of c. 10,000 BOEPD form four zones.
The audited recoverable resource estimate for Helvick is 3 MMBO and the high deliverability of the reservoir allows for rapid recovery and lends itself to low-cost, re-usable production systems.
In 2016 a Lease Undertaking was granted and MFDevCO farmed- in to carry out a phased work programme to assess development feasibility.
MFDevCO have been assigned an initial 10% interest through the first phase of the farm-in work programme, with the other co-venturers being Providence Resources 56.25% (Operator), Atlantic Petroleum (Ireland) Limited 16.50%, Lansdowne Celtic Sea Limited 9.00% and Sosina Exploration Limited 8.25%.
There is provision in the Farm-In Agreement for further equity assignment (up to 40%) based on MFDevCo undertaking the agreed work programme to evaluate low-cost development options, receipt of a Petroleum Lease from the Minister and the approval of any Plan of Development.
Should this take place, Lansdowne’s interest will reduce to 5.00%.