We are pleased to announce that permission has now been confirmed under Permitted Development for the proposed PL1/10 exploration well. It permits a window for activities on site between September and March. Plans are progressing towards commencement of site construction on 1 September 2014, so that drilling may also commence in November 2014. In order to drill the well, the operator will consult with a number of stakeholders, including Northern Ireland Environment Agency and Northern Ireland Health and Safety Executive, and obtain consent to drill from the Department of Enterprise, Trade and Investment (“DETI”). An agreement for a lease over the land for the wellsite will also need to completed.

The well will target prospective resources estimated by the joint venture at 40 mmboe (4mmboe net to Terrain). Prospective resources of over 450 mmboe have been estimated by the joint venture within the licence area.