New Licensing Option Award in Celtic Sea
Valhalla Oil and Gas Limited (“Valhalla”) is pleased to announce that it has been granted a Licensing Option over blocks 56/10, 57/3, 57/6, 57/7 and 57/8 and part blocks 57/1 and 57/9 in the North Celtic Sea Basin, offshore Ireland by the Minister of Communications, Energy and Natural Resources.
The new licence is immediately adjacent to the Schull licence area (5/05) where Valhalla has a 25% interest and participated in a successful well in August 2007. The Option term is for a 2 year period and covers and area of 1565 square kilometres. A regional evaluation resulted in several leads being identified within the Licensing Option area which could offer significant further hydrocarbon potential within a basin which is already an important business area for Valhalla.
The initial work programme will include thorough seismic reprocessing of much of the existing data over the licence area. Valhalla was granted the Licensing Option with a 100% interest.