A new oil and gas exploration company, AzEire Petroleum Ltd has been launched seeking hydrocarbon resources in the North Celtic Sea and Fastnet basins.
The company already has licence option positions secured through its 100%- owned subsidiary Charge Oil Ltd.
The company emphasised how the North Celtic Sea and Fastnet basins off the south coast had seen renewed exploration activity in the last few years on the back of positive appraisal results in Providence Resources’ Barryroe oil field development in the North Celtic Sea.
“The presence of commercial discoveries and numerous exploration wells with oil and gas shows proves the presence of working hydrocarbon systems within both basins,” the company said, adding that newly acquired seismic data could see the area “uncover its true potential”.
AzEire is looking to add further licenses to its portfolio and is already in negotiations with regard to further potential investment opportunities in offshore Ireland.
Director of AzEire Petroleum David Sturt, said that Ireland is one of the most promising regions for the development of oil and gas resources.
“Offshore Ireland has a number of proven petroleum systems and has yielded world-class hydrocarbon discoveries.
“Offshore Ireland is one of the world’s remaining high-potential regions, where the discovery of significant, large-scale hydrocarbon deposits remains possible and has attracted some of the industry’s leading explorers in recent years,” he said.
The company is backed by Seacrest Capital which has a track record of creating and growing regionally-focused oil and gas exploration and production companies in areas from Norway to South East Asia.
Key to the decision to invest in Ireland was the development of new technology and the stable political climate.
“A stable and, supportive investment and fiscal environment and the potential for new exploration and production technology to play a key role has heralded a resurgent exploration period, with growing levels of industry activity in the offshore Ireland areas.
“We look forward to supporting AzEire Petroleum in their active exploration programme,” said Mr Sturt.
© Irish Examiner Ltd. All rights reserved