The company intends to attract investor partners and plans to undertake an early seismic campaign followed by exploration wells.
It has initiated a study for sedimentary provenance of the reservoir successions; a separate seismic project is also underway to appraise the sand bodies.
A full petro physical appraisal has been made of 17 wells and well data has been acquired as well.
In October 2011, the Company was awarded the licensing options over two sets of blocks in the Atlantic Porcupine Basin, covering about 1,400 km2.
The blocks on the eastern margin of the basin 35/23, 35/24 and the western blocks include the western half of 35/25 and 45/6, 45/11 and 45/16.
Petrel Resources managing director David Horgan said the combination of three dimensional seismic surveys and directional drilling will allow explorers to map and drain complex reservoirs.
"The planned development of the 1981 Ballyroe discovery, after a dramatic increase in reserves, shows what is now possible," said Horgan
"We believe that the Irish offshore will be increasingly attractive to investors."
The company undertook a re-interpretation of the full integrated data set across both sets of blocks, for the additional coverage of seismic lines acquired, which was complete in June 2012.
