I propose to take Questions Nos. 1134 to 1137, inclusive, together.
A licensing option confers upon the option holder the first right exercisable at any time during the period of the option to an exploration licence, or licences, over all, or part, of the area covered by the option.
The latest and previous acreage reports published by my Department indicate that in respect of onshore licensing options LO 11/1 and LO 11/3, the two companies exercised the right conferred upon them by the options and submitted applications for follow-on exploration licences. As a follow on application was not received in respect of LO 11/2 that authorisation is deemed to have expired.
In relation to the applications for follow-on exploration licences, I have made clear repeatedly that no decision will be made on these applications until there has been time for all interested parties to consider the outcome of the Environmental Protection Agency’s Research Programme into the use of hydraulic fracturing. This research is ongoing and is expected to conclude in 2016. In the circumstances, while it would be very premature to speculate about potential commercial discoveries in Ireland’s onshore area, I can confirm that the oil and gas fiscal terms provided for through the Finance Acts apply to both offshore and onshore areas.
