Providence pursues further prospect definition offshore Ireland

Offshore staff

DUBLIN, IrelandProvidence Resources is progressing studies for various prospects offshore Ireland.

The company continues farm-out discussions on the Barryroe oil field project in North Celtic Sea basin license SEL 1/11.

It now estimates the costs of a planned single vertical well at around $25 million.

Post-well technical studies continue on the Dunquin North structure in FEL 3/04 in the southern Porcupine basin off western Ireland, with evidence of more significant residual oil in the Dunquin North well.

Analysis of seismic over the Newgrange prospect in Goban Spur basin license FEL 6/14 supports a top seal and reservoir presence for the Cretaceous target. In addition, the pre-Cretaceous structural closure appears to be far larger than previously mapped.

East of Dublin, the company has increased its interest in the Kish oil prospect in the offshore Kish Bank basin (SEL 2/11) to 100%.

Finally, recent 3D seismic over the Ruadhan prospect in the northern Porcupine basin (FEL 1/14) confirms the presence of a large base Cretaceous structural closure.

06/30/2016

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