Providence to step up analysis of Drombeg offshore southwest Ireland

Providence Resources has issued an update on licensing option 11/9 in the southern Porcupine basin, which the company was awarded in partnership with Sosina under the 2011 Irish Atlantic Margin licensing round.

Offshore staff

DUBLIN, IrelandProvidence Resources has issued an update on licensing option 11/9 in the southern Porcupine basin, which the company was awarded in partnership with Sosina under the 2011 Irish Atlantic Margin licensing round.

The concession containsDrombeg, a potential 872-MMbbl lower Cretaceous prospect in 2,500 m (8,202 ft), roughly 3,000 m (9,842 ft) below the seafloor. The structure is 220 km (137 mi) offshore West Cork, and around 70 km (43 mi) from the Dunquin North exploration well, which ExxonMobil drilled during 2013.

That well encountered a residual oil column in an over-pressured carbonate reservoir, confirming that both oil migration and entrapment had occurred within the lower Cretaceous in this part of the basin.

Providence has recently been awarded a follow-on frontier exploration license (FEL 2/14), having completed a mandatory 25% areal relinquishment.

The new work program includes acquisition of a 500-km (310-mi) 3D seismic survey over Drombeg – planning has already started. The structure is thought to be of a similar age and depositional setting to prospects thatKosmos Energy is targeting to the north and east in the basin.

01/20/2014

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