Helvick Lease Undertaking (49/9p) – Lansdowne 9.00%

Helvick Field

The Helvick Field is situated some 40km offshore Ireland in c. 80m (265ft) water depth.

Celtic Sea Location Map

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%.

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