Newgrange seabed survey reveals hydrocarbon indicators

Providence Resources has issued a new evaluation report on the Newgrange prospect in frontier exploration license 6/14, 260 km (161 mi) offshore southwest Ireland.

Oct 15th, 2018
Newgrange prospect offshore Ireland
Newgrange prospect offshore Ireland

Offshore staff

DUBLIN, Ireland – Providence Resources has issued a new evaluation report on the Newgrange prospect in frontier exploration license 6/14, 260 km (161 mi) offshore southwest Ireland.

The company operates the license, where water depths are around 1,000 m (3,281 ft), in partnership with Sosina Exploration.

In JulyGardline’sM/V Kommandor vessel completed a seabed site survey, with the data to be used for permitting for an exploration well.

Initial analysis of the area over the proposed well location revealed the presence of more than 100 seabed pockmark features, thought to be the result of fluid seepage from the underlying geology.

Third-party analysis of seabed samples has in fact confirmed 262 seabed pockmarks, and geochemical analysis of other acquired seabed samples revealed the presence of biogenic and thermogenic hydrocarbon-sourcing signatures: this suggests the pockmarks could be associated with hydrocarbon migration.

In addition, high resolution sub-bottom 2D data have highlighted buried pockmark fields up to around 100 m (328 ft) beneath the seabed, an indicator of hydrocarbon migration over a prolonged period.

License farm-out discussions continue, and Providence is hopeful these could lead to drilling in 2019 or 2020. Its latest internal well cost estimate is less than $15 million, excluding mobilization.

Technical director Dr John O’Sullivan said: “The quantum of current seabed pockmarks, together with the positive geochemical analyses, support the presence of potential active source rocks in the area that could be charging Newgrange with either liquids or gas.

“In addition, the presence and extent of the buried pockmark fields attest to the longevity of these potential sourcing systems, confirming that they are not just a present-day phenomenon.”

10/15/2018

More in Regional Reports