Providence Resources Plc (PVR LN, PRP ID) has signed a strategic and incentivized exploration collaboration agreement with Schlumberger in respect of the southern Porcupine and Goban Spur basins.
Providence has acquired 2D and 3D seismic data over its primary prospects, and now plans to use Schlumberger technologies to leverage in a deepwater operator.
The main themes to be addressed through the collaboration agreement with Schlumberger are the burial and hydrocarbon expulsion history of the southern Porcupine and Goban Spur basins, together with a regional top seal capacity analysis. This joint study has been primarily designed to further de-risk the Dunquin South, Drombeg, Druid and Newgrange exploration prospects, together with any new acreage acquired in the area.
Schlumberger will also support Providence in facilitating farm-out data-room processes for the Drombeg, Druid and Newgrange prospects, which are to begin in the first quarter of 2016.