On 11 February 2016, the Irish Minister of State awarded 14 licences in the first phase of the 2015 Atlantic Margin licensing round. Among the awardees are four majors: Eni, ExxonMobil, Statoil and BP. The licences have been awarded in the Porcupine Basin, which is considered the most prospective of Ireland's Atlantic Margin basins. This is a great result for the Irish upstream sector and the awardees can bring a wealth of knowledge and expertise to the frontier, deepwater region. Work commitments will include the acquisition of new seismic data, but no exploration wells at this stage. A second phase of awards will be announced in May 2016, which we expect to be predominately in the Rockall and Slyne Basins.