“We are delighted to confirm that our ongoing analysis of the Kish Bank Basin has revealed the presence of a large untested structure that warrants further investigation," said O'Reilly.
"The Dalkey Island exploration prospect presents the potential for a large oil accumulation in shallow water off the east coast of Ireland. The partners have agreed on a focused work programme aimed at further de-risking this prospect, prior to any drilling programme."
The company, a partner of Malaysian Petrol outfit Petronas, has also identified the bank as a prospect for carbon sequestration storage, with a capacity of up to 270 million tonnes of gas.
A link to the full release is here. (pdf download)