The license is in the Goban Spur basin in 1,000 m (3,281 ft) of water.
Initial evaluation of data from the recent southern Porcupine Polarcus multi-client 2D regional seismic reflection survey has focused on interpreting and mapping the Top Cretaceous reflection on the long-offset seismic profiles.
Analysis has confirmed the previous interpretation that the Newgrange prospect comprises a 1,000-sq km (386-sq mi) four-way dip closed structure. The crest has a total structural elevation of around 400 m (1,312 ft).
Current overburden fracture gradient analysis based on offset well data indicates a gas column top-seal capacity of up to 300 m (984 ft).
Both structural and stratigraphic imaging over the prospect have improved substantially, with detailed carbonate seismic facies mapping now possible within the Cretaceous objective.
Low seismic velocities (around 3,000 m/s, or 9,842 ft/s) from the Newgrange prospect reservoir interval indicate porosities of more than 30%. In addition, the team has interpreted shallow gas effects in the Cenozoic overburden on the northwest flank of the prospect.
This may be evidence of hydrocarbon migration into the Newgrange license.
Providence is also evaluating the underlying stacked Jurassic potential.
Technical director John O’Sullivan said: “Similar to the giant Kinsale Head gas field off the south coast of Ireland, our Newgrange prospect also comprises a shallowly buried Cretaceous four way dip-closure.
“The Newgrange structure is far more significant, being about 10 times that of Kinsale Head whilst also enjoying a higher pressure regime due to its deeper water location.
“The offset 62/7-1 well has demonstrated the potential for massive Cretaceous carbonate development locally and the new seismic velocity data signal excellent porosity preservation at Newgrange. We view hydrocarbon source rock adequacy and access as the key risks at Newgrange, however, the new evidence for potential shallow gas is encouraging.”