Preliminary tests show that an Irish gas field contains an estimated 9.4 trillion cubic feet of natural gas and could produce enough to meet Ireland’s current needs for the next 25 years, an Irish company said.
Finavera said in a statement that technical evaluation work carried out with the world's largest oilfield services company, Schlumberger, showed its Lough Allen natural gas field had a predicted average recovery rate of 40 per cent.
“This evaluation ... has estimated a potential in situ resource of 9.4 trillion cubic feet (TCF) of gas, or 1.5 billion barrels of oil equivalent,” the exploration company said of its field spanning the border with Northern Ireland.
Finavera, which is owned by its directors and institutional investors, said it had appointed Dublin-based Goodbody Corporate Finance to help raise 10 million euros ($12 million) towards funding more in-depth seismic analysis.