Recently the company completed an assessment of satellite oil seep data acquired over the license.
The data have revealed the presence of two large seeps roughly 3.5 km (2.2 mi) northwest of the Polaris prospect that appear to be related to faulting and which may provide direct evidence of active oil migration from potential Lower Carboniferous source rocks.
To minimize costs, Providence has relinquished around 70% of the license while retaining what it considers to be the most prospective area over the prospect.
Planning continues for appraisal drilling on the Rathlin Energy-operated Ballinlea oil discovery in the adjacent onshore exploration license. The original well, interpreted to have been close to an oil-water contact, recovered oil from Lower Carboniferous sands.
Polaris is thought to be on-trend with Ballinlea results from this appraisal well will have a bearing on future drilling activities in P1885.