Trio commit to well in Porcupine basin

Providence Resources is set to intensify its exploration programs in two frontier licenses off western Ireland.

Offshore staff

DUBLIN, Ireland -- Providence Resources is set to intensify its exploration programs in two frontier licenses off western Ireland.

The company operates the FEL 2/04 and FEL 4/08 permits in the Porcupine basin, around 200 km (124 mi) offshore, in partnership with Chrysaor E&P Ireland and Sosina Exploration.

The trio has opted to enter the second phase of FEL 2/04, containing the Spanish Point gas condensate and Burren oil discoveries. This phase carries a firm well commitment.

To date, subsurface evaluation of FEL 4/08 has been based on 2D seismic and integration of the mapping into the overall Spanish Point regional model.

Analysis reveals new prospective features. The partners therefore have decided to acquire a new 200-sq km (77-sq mi) 3D survey this summer over FEL 4/08 and integrate the data with results from the 2009 Spanish Point 3D survey.

Senergy’s competent persons report (CPR) into the hydrocarbon potential of the two permits estimates un-risked recoverable resources at up to 750 MMboe. This assessment takes in prospects including Wilde, the newly identified Cama structure, and the potential 66MMbbl Burren oil discovery.The CPR assesses the contingent resource potential from the Spanish Point structure at up to 200 MMboe.

02/24/2011

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