Providence begins Ulysses project

Providence Resources has begun the Ulysses project, a study to evaluate the carbon sequestration and natural gas storage potential of the Kish Bank basin, offshore Ireland.

Offshore staff

DUBLIN, Ireland -- Providence Resources has begun the Ulysses project, a study to evaluate the carbon sequestration and natural gas storage potential of the Kish Bank basin, offshore Ireland. The study is being carried out on a 50/50 joint venture basis with Star Energy Group.

Providence and Star Energy were recently awarded a three-year licensing option over eight blocks in the Kish Bank basin by the Irish Government Department of Energy, Communications, and Natural Resources. The agreed work program will focus on the oil and gas exploration potential of the basin while the Ulysses project will specifically assess the potential for underground saline reservoirs in the Kish Bank basin to be used as sites for CO2 sequestration as well as natural gas storage.

08/19/2008

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