Providence expands acreage offshore Ireland

Providence Resources has been granted an increase in the areal extent of its 100%-operated Standard Exploration License (SEL) 1/07 in the St George's Channel basin, offshore southeast Ireland by the Department of Communications, Energy, and Natural Resources.

Offshore staff

DUBLIN -- Providence Resources has been granted an increase in the areal extent of its 100%-operated Standard Exploration License (SEL) 1/07 in the St George's Channel basin, offshore southeast Ireland by the Department of Communications, Energy, and Natural Resources.

This revised license authorization contains the mapped extension into Irish waters of Marathon's proven UK Dragon gas field, which was discovered in 1994. Published public data on this field confirms a resource base of 80 bcf within the existing tested reservoir zones. Providence's mapping of the Dragon field indicates that 25% of the field extends into SEL 1/07 and that there is potential for deeper hydrocarbon bearing intervals beneath the field, which were not drilled with the original discovery well.

The expansion of the license area has been designed to capture the additional Orpheus exploration prospect, which may be targeted as part of any future appraisal/development well program on the overlying Dragon field.

The Dragon field lies approximately 60 km (37 mi) from Milford Haven in South Wales where two new LNG facilities are being commissioned.

03/10/2009

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