Lansdowne Oil & Gas, an independent oil and gas company focused on offshore Ireland, has relinquished the SEL 4/07 license in the Celtic Sea.
Lansdowne said on Wednesday that the license was relinquished with effect from December 31, 2016.
To remind, the company retained a 20 percent interest in the license after farming it out to Petronas subsidiary, Kinsale Energy, which acquired an 80 percent interest, operatorship, and drilled the 49/11-3 well on the Midleton Prospect in 2015.
The well found gas in the Greensand, the main reservoir target, but the volume was considered too small to be commercial.
Kinsale Energy conducted a comprehensive post-well evaluation of the other prospective structures on the acreage but concluded that, based on the current data available, none of these were attractive enough regarding risk and reward to offer drillable targets.
The company added that a final report was submitted to the Department of Communications, Climate Action, and Environment and that the license was relinquished at the end of the First Phase.
Lansdowne CEO Steve Boldy said: “Midleton was considered the prime prospect on SEL 4/07 and following the disappointing results of the 49/11-3 well, it is not surprising that the conclusion has been reached to relinquish the acreage.
“This further portfolio rationalization will allow Lansdowne to focus all its resources upon the Barryroe Field where we have substantial 2C resources.”
This is not the first license Lansdowne let go or lost during the past year. The company lost two Celtic Sea licenses in 2016 . Namely, Lansdowne was unable to farm out a portion of ownership in the Standard Exploration Licences 5/07 (Rosscarbery), and 5/08 (Amergin) and the licenses lapsed.