Nautical identifies gas prospect in Celtic Sea

Nautical Petroleum says a review of an area covered by Licensing Option 10/01 off southern Ireland has revealed a new exploration prospect named Marlin.

Offshore staff

LONDON -- Nautical Petroleum says a review of an area covered by Licensing Option 10/01 off southern Ireland has revealed a new exploration prospect named Marlin.

The license also contains the Baltimore heavy oil discovery in which Nautical has a 40% interest. Providence Resources is the operator.

As part of the development feasibility review which Nautical is performing under its farm-in terms, the Option and surrounding area were mapped using existing seismic data.

This led to the identification of Marlin around 10 km (6.2 mi) northwest of the producing Kinsale Head gas field in the North Celtic Sea. Geological modeling of the Cretaceous prospect suggests it is probably gas charged, with potential reserves of up to 74 bcf.

The structure, which appears to be the same age as the main producing reservoirs in Kinsale Head, has been mapped as extending beyond the current Option area.

Providence and Nautical have successfully applied to Ireland’s Minister for Communications, Energy, and Natural Resources to increase the area covered by the Option by 16 sq km (6.2 sq mi) to include the mapped extension of Marlin into open acreage.

John O’Sullivan, Providence’s technical director, said: “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. In particular, the Marlin prospect demonstrates striking similarities to the nearby Ballycotton gas field, which is a highly successful offshore development.”

09/24/2010

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