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Providence eyes Irish seismic

Upstream Online

AIM-listed Providence Resources plans to shoot a new 3D seismic survey this summer on its acreage off the west coast of Ireland.

The 200 square-kilometre survey will be carried out on the explorer’s frontier exploration licence 4/08 in the Main Porcupine basin about 200 kilometres offshore.

Providence aims to integrate data acquired from this survey into its earlier 3D seismic acquisition covering the Spanish Point gas condensate discovery in FEL 2/04, which has revealed a number of new prospective features.

The company now intends to enter the second phase of drilling on FEL 2/04 - which also contains the Burren oil discovery – that includes a firm well commitment as part of its multi-year, multi-basin exploration programme off Ireland.

An independent study by Aberdeen-based Senergy has estimated that FELs 2/04 and 4/08 hold gross unrisked recoverable resources of up to 750 million barrels of oil equivalent. This estimate covers prospects including Wilde and Cama, as well as the Burren oil find, which is estimated to hold 66 million barrels recoverable.

The study estimated Spanish Point’s gross contingent recoverable resources at 200 million boe, in line with previous estimates.

Providence’s technical director John O'Sullivan said earlier seismic has mapped additional resource potential around Spanish Point – both at the Burren find and in new exploration targets - and “we believe that the deployment of 3D seismic technology will again add similar value to our adjacent FEL 4/08 area and help to advance it to a drill ready stage”.

Providence is operator of both licences with a 56% stake, with partners Chrysaor E&P Ireland (30%) and Sosina Exploration (14%).