Newgrange is a lower Cretaceous carbonate prospect in frontier exploration license (FEL) 6/14, in 1,000 m (3,281 ft) water depth in the Goban Spur basin, 270 km (168 mi) off southwestern Ireland. Providence (80%) operates on behalf of partner Sosina Exploration (20%).
A newly revised volumetric estimate, which incorporates 2D long offset seismic reflection profile data acquired in 2014, has increased the un-risked prospective resource potential in Newgrange to around 13.6 tcf of in-place gas, or 9.2 Bbbl of oil in place.
Both oil and gas cases were modeled due to the uncertainty in the hydrocarbon phase which may be applicable in this area.
The top seal capacity at the prospect appears to be a significant risk, with around 500 m (1,640 ft) of overburden. However, a seal capacity analysis, which employed offset well data, seismic velocity data and surface mapping, suggests that the present day top seal could potentially contain a 350-m (1,148-ft) hydrocarbon column.
Planning is under way for an exploration well next year on Providence’s Druid prospect, elsewhere in the region. An additional well on Newgrange, taking into account economies of scale, could cost $22.5 million, the company claims, with potential for further savings.
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