Providence given more time for offshore Ireland source rock studies

Offshore staff

DUBLIN, IrelandProvidence Resources has secured an 18-month extension for licensing option (LO) 13/04 in 100 m (328 ft) of water in the South Celtic Sea basin, 125 km (78 mi) offshore southern Ireland.

The extension, granted by the Irish Minister of State at the Department of Communications, Energy and Natural Resources, runs through Nov. 30, 2016.

LO 13/04 contains the Silverback exploration prospect, mapped as a large Mesozoic structural closure with potential oil resources of 1.36 Bbbl.

Providence will use the additional time to complete work on a lower Jurassic source rock expulsion model and other studies.

07/14/2015

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