Exxon exploration licence ‘key event’

IN its annual report for 2008, ExxonMobil notes that the award of two exploration licences was a key event for its exploration portfolio.

Analyst for Davy Stockbroker’s Job Langbroek told clients that frontier exploration licences 1/08 and & 2/08 were awarded in March 2008, covering 13 blocks in the Porcupine Basin.

“This acreage includes the very large Droombeg prospect, over which 2D long offset seismic was recently completed. Irish interest is through Providence Resources, which has a 16% stake in the two licences. Exxon has an 80% stake, with Sosina holding the 4% balance. The licence is in water depths of between 2,000 and 3,000 metres,” he added.