Providence targeting oil in exploration drilling offshore Dublin

Providence Resources is preparing to drill its first exploratory well in the Kish Bank basin offshore eastern Ireland.

Offshore staff

DUBLIN, Ireland -- Providence Resources is preparing to drill its first exploratory well in the Kish Bank basin offshore eastern Ireland.

It aims to spud the well in the first half of next year, subject toreceipt of a foreshore license from the Irish regulatory authorities.

Thewell will target the Lower Triassic Dalkey Island prospect in shallow water, 10 km (6.2 mi) offshore Dublin, with prospective resources of 870 MMbbl.

Providence operates the surrounding license SEL 2/11 in partnership with Petronas.

To the east, oil-productive reservoirs of a similar age have been discovered in the Liverpool Bay area of the East Irish Sea basin, offshore northwest Britain.

Additionally, four wells drilled to date in the Kish Bank basin have proven the presence of good-quality Sherwood sandstone reservoir, Mercia Mudstone caprock, and gas-prone Upper Carboniferous source rocks. Oil shows in two of the four wells along with airborne seep detection data suggest the presence of a Paleozoic oil-prone source rock.

In the North Celtic Sea basin off southern Ireland, Providence has a 62.5% interest in the undeveloped 3-MMbbl Helvick field in license (SEL) 2/07, in partnership with Atlantic Petroleum, Sosina, and Lansdowne.

The partners are reviewing various low-cost development options including unmanned production buoys. An independent review suggests that at current oil prices, commercial production could be achieved, and first oil could follow within two years of project sanction.

9/28/2012

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