Providence spots potential oil giant off Dublin

Providence Resources has identified what could be a large oil prospect in the Kish Bank basin offshore eastern Ireland.

Offshore staff


DUBLIN -- Providence Resources has identified what could be a large oil prospect in the Kish Bank basin offshore eastern Ireland.

New analysis of vintage 2D seismic over the company’s 08/2 Licensing Option has revealed a large structural closure around 10 km offshore Dublin. Providence believes the prospect, named Dalkey Island, could hold 870 MMbbl of oil, with prolific oil-producing Triassic reservoirs close by in Liverpool Bay off northwest England.

The company and its partner Star Energy Group are bringing forward their work program to improve their understanding of the structure and to de-risk drilling. But the shallow water and near-shore location may make this a worthwhile risk in the event of a discovery, with development costs likely to be relatively low.

4/8/2010

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