An area offshore Larne-Lough Neagh Basin, the P2123 licence, was offered by DECC to the joint venture partners as part of the 27th Seaward Licensing Round. Formal award of the licence is expected within the next two months. The joint venture has identified prospective resources of 150 mmboe within the new licence area.
Following its acquisition by Cairn Energy plc, Nautical has decided to withdraw from the PL1/10 licence. A farmout agreement with Nautical has been terminated and Terrain will acquire 10% of their 20% interest, subject to DETI approval.