ABT, Providence to study buoy options for marginal oil fields offshore Ireland

Providence Resources has agreed on a phased farm-in by ABT Oil & Gas (ABTOG) into the marginal Helvick and Dunmore oil discoveries offshore southern Ireland.

Offshore staff

DUBLIN, IrelandProvidence Resources has agreed on a phased farm-in by ABT Oil & Gas (ABTOG) into the marginal Helvick and Dunmore oil discoveries offshore southern Ireland.

The company has applied to the Minister of State at the Department of Communications, Energy, and Natural Resources to convert part of the surrounding SEL 2/07 license in the North Celtic Sea basin into two separate lease undertakings. ABTOG would farm in, subject to the minister’s approval.

The new partnership would then work to determine whether the fields can be developed commercially via ABTOG’s production buoy technologies. If the verdict is positive, they would perform all work needed to apply for a petroleum lease, and assuming that this was awarded, would then prepare and submit a formal plan of development to the minister.

Subject to ministerial approval, ABTOG would earn a 50% interest in the discoveries.

Helvick is in block 49/9, 36 km (22 mi) off the Irish south coast. The 49/9-2 discovery well, drilled in 1983, flowed 9,900 b/d of oil and 7.5 MMcf/d of gas. Three delineation wells followed in the late 1980s. As the new operator, Providence drilled the 49/9-6Z well in 2000 that tested at rates of around 5,200 b/d.

Subsequent analysis suggested that the field was not viable because of its small size and the low oil price at the time. However, it could be commercial using ABTOG’s new low-cost development solutions at today’s price of oil.

Gulf Oil drilled the 50/6-1 Dunmore discovery well in 1985/86, 20 km (12.4 mi) north of theHook Head discovery in the Celtic Sea. This flowed 2,100 b/d of 44º API oil.

In 2008, Providence drilled the 50/6-4 appraisal well on the structure. This failed to prove the lateral extent of the hydrocarbon bearing Upper Jurassic sands, but did penetrate a new oil-bearing carbonate interval.

In the UK Central North Sea, Enegi and ABTechnology have signed a joint development agreement with Antrim Resources for license P077, which contains theFyne oil field. Antrim currently has a 100% operating interest in this marginal field, which has undergone various development studies.

11/13/2013

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