Providence draws up next-phase offshore Ireland drilling campaign

Providence Resources has updated its exploration plans for offshore Ireland.

Offshore staff

DUBLIN, IrelandProvidence Resources has updated its exploration plans for offshore Ireland.

Aside from participating in an appraisal well on theSpanish Point gas/condensate field next year, the company plans:

  • Appraisal drilling on the Dragon gas discovery in the St. George’s Channel off southeast Ireland during summer 2014
  • Exploratory drilling on the potential 520-MMbbl Polaris oil prospect in the Rathlin basin off northern Ireland, either later in 2014 or early 2015
  • Exploratory drilling on the potential 250-MMbbl Kish Bank oil prospect east of Dublin in the Irish Sea, either in late 2014 or early 2015.

Subject to approval from any new farm-in partners, there may also be further appraisal/pre-development drilling at theBarryroe oil field in the Celtic Sea basin offshore southern Ireland.

Elsewhere, Providence is holding farm-in discussions with various companies for licensing option 11/9 in the Porcupine basin offshore western Ireland. This contains the potential 872-MMbbl Drombeg oil prospect.

Providence claims results from the recentdeepwater Dunquin North well operated by ExxonMobil are encouraging for Drombeg, given the evidence of oil generation and entrapment in a similar age section. The company and partner Sosina have applied to upgrade to a standard exploration license and plan to acquire a new 3D seismic survey over Drombeg prior to drilling.

Close to Dragon is Pegasus, a 250-bcf (7.1-bcm) gas prospect. Providence hopes to drill a first well on the structure in 2015. A commercial discovery could tie into infrastructure established for development of Dragon. A farm-out process is under way for these and other Providence-owned assets in the St George’s Channel.

The company is also looking for partners to share the costs of work on Celtic Sea interests, which include the Hook Head and Helvick discoveries.

10/1/2013

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