DUBLIN, Ireland – Providence Resources is continuing farm-in discussions for its Barryroe field in the Celtic basin offshore southern Ireland.
The company says analysis of new 3D seismic over the structure has improved visualization of the Barryroe reservoir interval.
Providence plans to drill a further appraisal well and a possible side track either in 2H 2018 or 1H 2019, and aims to take advantage of continued lower rates for rigs and associated offshore services.
It estimates the cost of a single vertical well at around $20 million.
Offshore western Ireland, the company is waiting onTotal’s decision whether to exercise an option to farm-in as operator to licensing option (LO) 16/27 in the Porcupine basin.
A large-scale calibrated petroleum systems model around 48,000 sq km (18,533 sq mi) over the area appears to support potential for a working petroleum system.
Providence believes theAvalon structure could access a total hydrocarbon resource charge of around 8.67 Bbbl of oil and 21.43 tcf of gas.
If the partners agree to convert the LO into a frontier exploration license and to drill an exploration well, Total has said it would cover 60% of the drilling costs, up to a gross well cap of $42 million.
Finally, Providence has increased its interest in the Kish Bank basin license SEL 2/11 offshore eastern Ireland to 100%, and secured an overall extension of one year to the license term to August 2020.