DUBLIN, Ireland – Providence Resources says an agreement with a proposed farminee into its Barryroe field offshore southern Ireland is being held up by financial arrangements.
There is no certainty, therefore, that the proposed farm-in will got through. However, Providence is continuing commercial discussions on Barryroe with other interested parties, some of which are active in the data room process.
The company has applied to extend the license’s first phase and its areal extent to cover potential further field extensions outside the current licensed area.
In the South Celtic Sea basin, Providence’s analysis of the Silverback prospect suggests potential in-place resources of 1.36 Bboe. The company is seeking a 12-month extension of the license to complete source rock modeling studies.
In the St. George’s Channel basin between southern Ireland and west Wales, the company continues seismic reprocessing for the Dragon gas field project.
Offshore west Ireland, interpretation has started of newly processed 3D seismic over the Spanish Point gas condensate discovery in the Northern Porcupine basin.
Providence says recent analysis of a vertical well drilled by a previous operator suggests an undamaged flow potential of around 10,700 boe/d. This represents a 500% increase over the original well test in 1981, which was impacted by substantial skin damage.
In the Southern Porcupine basin, 3D seismic processing has been completed and interpretation is under way on the company’s Drombeg oil prospect, while 2D seismic is undergoing interpretation over the company’s Newgrange gas prospect.