Providence increases stake in Dunquin concession offshore Ireland
Providence Resources has agreed to acquire Atlantic Petroleum's 4% stake in frontier license 3/04, 170 km (106 mi) offshore southwest Ireland.
Pending Irish Ministerial approval, Providence’s equity in the license will increase from 16% to 20%.
FEL 3/04 is in 1,500 m (4,921 ft) of water in the southern Porcupine basin. Its main identified prospect is the lower Cretaceous Dunquin South carbonate structure, with potential resources of 1.389 Bboe.
The ExxonMobil-operated44/23-1 Dunquin North exploration well, drilled on the concession in 2013, encountered a 44-m (144-ft) residual oil column in a giant porous, over-pressured lower Cretaceous carbonate reservoir.