Potential oil play identified offshore Northern Ireland

Offshore staff

DUBLIN, IrelandProvidence Resources (LON:PVR) has reported strong oil potential in its licenses offshore Northern Ireland.

The company has 100% operated interests in the P1885 and PL 5/10 concessions in the Rathlin basin.

Last year, Bell Geospace performed a full tensor gradiometry (FTG) and magnetic airborne survey over the acreage. Initial analysis has revealed the presence of five FTG anomalies that may be prospective for exploration.

The primary anomaly is the Polaris prospect in the Rathlin Sound just off the northern Irish coast, and coincident with a significant structural feature identified previously on 2D data.

It is also structurally on-trend with the Ballinlea-1 well drilled onshore in 2008, which recovered good-quality oil to the surface during testing.

Further processing of the new gravity data suggests that Polaris is a large structure that extends about 30 sq km (11.6 mi). Providence says all elements of a working petroleum system in the basin, such as source, reservoir and seal, have been proven in nearby onshore wells.

Polaris could hold in-place resources of 530 MMbbl, the company suggests, based on gravity and offset well data, and could be drilled from an onshore location starting in 2014.

1/24/2013

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