Ireland: Providence Receives Kish Bank Basin Licence
- Business & Finance
Providence Resources P.l.c.,the London (AIM) and Dublin (ESM) listed oil and gas exploration and production company, has been awarded Standard Exploration Licence 2/11 in the Kish Bank Basin, offshore Dublin by the the Irish Department of Communications, Energy and Natural Resources.
The Licence, which is a successor authorisation to the previous Licence Option 08/2, has been granted for a period of up to six years, and is split into 2 three year phases.
The Licence contains the Dalkey Island exploration prospect and the partners have committed to the drilling of at least one well during the first phase. The partners have recently commenced the application process for a foreshore licence over the area in order to carry out well site survey and drilling operations. Providence holds a 50% interest in the Licence and operates on behalf of its partner Star Energy.
Previous exploration drilling in the Kish Bank Basin has confirmed the potential for petroleum generation with oil shows seen in a number of wells together with natural hydrocarbon seeps recorded from airborne surveys. New analysis of vintage 2-D seismic data has revealed the presence of a large undrilled structural closure at Lower Triassic level situated c. 10 km offshore Dublin. This feature, known as the Dalkey Island exploration prospect, may be prospective for oil, as there are prolific oil productive Lower Triassic reservoirs nearby in the eastern Irish Sea offshore Liverpool.
Offshore Energy Today Staff, December 2, 2011; Image: Providence