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.

Offshore staff

DUBLIN, IrelandProvidence Resources has agreed to acquire Atlantic Petroleum’s 4% stake in frontier license (FEL) 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.

07/07/2015

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