DUBLIN, Ireland --Providence Resources is set to appraise the Hook Head discovery off southern Ireland, using the semisubmersible Petrolia. Providence has secured the rig for a 50-day slot.
Marathon discovered Hook Head in 1971, logging around 100 ft (30.5 m) of hydrocarbons in five Lower Cretaceous intervals. Providence believes the structure could contain up to 70 MMbbl of oil.
The company also has concluded a new farm-out agreement with Sosina Exploration over Celtic Sea exploration licenses covering both Hook Head and the Blackrock prospect. Subject to Irish government approval, Sosina will take 5% of these licenses. It is already partnering Providence in other Irish sector programs concerning the Dunquin, Goban Spur, and Spanish point prospects.