DUBLIN, Ireland – Providence Resources has issued a technical update on licensing option 13/04 in the South Celtic Sea basin, 125 km (78 mi) offshore southern Ireland.
The company operates the concession which is in a water depth of around 100 m (328 ft).
Seismic interpretation and mapping of reprocessed 2D seismic reflection profile data has revealed a large Mesozoic structural closure. This is mapped at the top of the primary Lower Triassic Sherwood sandstone group level and extends over a 170-sq km (65.6-sq mi) area, with the crest at a depth of around 1,500 m (4,921 ft) TVDSS.
Modeling of this primarySilverback reservoir target indicates potential in-place reserves of 1.36 Bbbl. Geochemical analysis of the Lower Jurassic shales from offset wells previously drilled in the basin has confirmed the presence of good-quality oil-prone source rock intervals.
Various other Mesozoic structural closures have been mapped within the concession, Providence adds.
The company has applied for a 12-month extension for the permit to May 2016 to undertake further technical studies in relation to source rock adequacy and prospect access.
John O’Sullivan, technical director, said: “Regionally, such Lower Triassic structural plays have enjoyed considerable exploration success with major hydrocarbon accumulations proven at the Wytch Farm, Morecambe Bay, andCorrib fields…
“Once we have completed this study, we plan to commence farm-out discussions with potential co-venture partners to progress the Silverback prospect to drilling.”