DUBLIN, Ireland – Providence Resources has issued an update on the Cairn Energy-led consortium’s exploration plans for the Spanish Point area in the northern Porcupine basin, 160 km (99.4 mi) offshore western Ireland.
This includes frontier exploration licence (FEL) 2/04 and 4/08. The area contains the upper Jurassic Spanish Point gas/condensate field, the lower Cretaceous Burren oil discovery, and numerous other leads and prospects. Water depths are around 400 m (1,312 ft).
Phillips Petroleum discovered Spanish Point in 1981 with well 35/8-2, which encountered a series of stacked over-pressured upper Jurassic reservoirs within a large rotated fault block structure.
Logs revealed net hydrocarbon pay of around 276 ft (84 m) over three reservoir intervals, with the well flowing 4.85 MMcf/d of gas and 925 b/d of 40° API condensate from a single unstimulated reservoir zone exhibiting a significant skin factor of c. +35.
Studies since suggest that an unstimulated well (zero skin) could have flowed at rates of up to roughly 30 MMcf/d and 5,700 b/d from the single tested interval.
A recent review of the well data, coupled with new 3D prestack depth migration seismic data, indicated prospective recoverable resources of 337 MMboe in the Spanish Point field.
Following delays to the planned Spanish Point appraisal program, Cairn subsidiary Capricorn Ireland now plans to begin drilling during 2017, subject to governmental approval.
The program should benefit from lower offshore rig-rates and associated services, Providence points out.
The company is seeking to divest a 32% non-operated interest in both FEL 2/04 and FEL 4/08, which would leave it with a 26% stake.
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