Irish oil firm in exploration deal

PAN Andean Resources, the Dublin-headquartered oil and gas exploration company, has announced the successful drilling of one of its wells off the coast of Texas in the Gulf of Mexico. The well was drilled by the company’s farm-in partner Phoenix Exploration to the target depth of 8,700ft and encountered three zones of gas-bearing sands.

Meanwhile, the Austrian oil and gas group OMV has closed an exploration licence deal with Irish firm Island Oil & Gas.

Under the deal, OMV will receive a 50% stake in a licence to explore a 715sq km (276sq mile) area containing the Killala prospect off the Irish west coast. In turn, Island Oil & Gas will get a 50% stake in the 4,200sq km Durresi exploration bloc off the Albanian coast.