Providence identifies new oil prospect at Dalkey Island offshore Ireland

Source: Providence Resources

Providence Resources updated on its exploration evaluation activities in the Kish Bank Basin, offshore eastern Ireland (the Dalkey Island exploration prospect).

Previous exploration drilling in the Kish Bank Basin has confirmed the potential for petroleum generation with oil shows seen in a number of wells together with natural hydrocarbon seeps recorded from airborne surveys.

New analysis of vintage 2-D seismic data has revealed the presence of a large undrilled structural closure at Lower Triassic level situated 10 kilometers offshore Dublin. This feature, known as the Dalkey Island exploration prospect, may be prospective for oil, as there are prolific oil productive Lower Triassic reservoirs nearby in the eastern Irish Sea offshore Liverpool.

While the Dalkey Island exploration prospect could contain 870 million barrels of oil in place, this undrilled prospect still has significant risk and the partners are currently advancing a focused work program in order to better understand and hopefully mitigate these risks. However, given its location in shallow water and close proximity to shore, the prospect is of great interest because the cost of exploration drilling, together with any future development costs, is likely to be low.

“The Dalkey Island exploration prospect presents the potential for a large oil accumulation in shallow water off the east coast of Ireland,” said Tony O’Reilly, chief executive of Providence. “The partners have agreed on a focused work program aimed at further de-risking this prospect, prior to any drilling program.”

Providence holds an operated 50% equity interest in Licensing Option 08/2 together with its partner, Star Energy Group (a wholly owned subsidiary of PETRONAS, the state oil company of Malaysia).

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