Source: Providence Resources
Providence Resources (LON:PVR) has identified the Marlin natural gas prospect on the Licensing Option 10/01 in the North Celtic Sea Basin, offshore Ireland which also contains the Baltimore heavy oil discovery.
Providence (60%) operates the Licensing Option on behalf of its partner Nautical Petroleum (LON:NPE). Earlier this year, Nautical acquired a 40% interest in the Option by agreeing to carry out a specific work program to assess the development feasibility of the Baltimore oil discovery - this work is ongoing.
As part of the Nautical study, the Option and surrounding area were mapped using available seismic data, and this has revealed the new Marlin exploration prospect which is located 10 kilometers northwest of the producing Kinsale Head gas field.
The Marlin structure, which is the same age as the primary producing reservoirs in the Kinsale Head gas field, has been mapped to extend beyond the current Option area.
Accordingly, the Baltimore partners applied to the Minister for Communications, Energy and Natural Resources for an increase in the area covered by the Option to include the mapped extension of the Marlin prospect into open acreage. Geological modeling of the Marlin prospect suggests that it is likely to be gas charged with a total resource potential of up to c. 74 BSCF.
"We are excited about this new exploration prospect as it is in the same geological setting as other proven producing fields in the region, and it is very close to the Kinsale Head production facilities,” said John O’Sullivan, technical director of Providence. “In particular, the Marlin prospect demonstrates striking similarities to the nearby Ballycotton gas field, which is a highly successful offshore development."