Providence ‘encouraged’ by Drombeg results (Ireland)
Providence Resources has informed that initial evaluation of the fast-track 3D volume on its Lower Cretaceous Drombeg exploration prospect in the southern Porcupine Basin, offshore south-west Ireland, has revealed seismic morphologies which are consistent with those of a large deep-water fan system.
The Drombeg prospect, which is situated in Frontier Exploration Licence (FEL) 2/14, has been previously mapped as a significant Lower Cretaceous stratigraphic amplitude/AVO supported exploration target. The prospect is located in c. 2,500 metre water depth and is c. 220 kilometres off the west coast of Ireland. FEL 2/14 is operated by Providence (80%) on behalf of its partner Sosina Exploration (20%).
In 2014, Polarcus MC Limited acquired a c. 4,435 km2 non-exclusive multi-client 3D seismic survey over the Drombeg prospect and surrounding area, of which Providence has licenced c. 2,247.5 km2 of data.
According to the press release, Polarcus will be presenting an initial evaluation of this new dataset at the APPEX Global 2015 conference in London on March 3, 2015.
In addition to seismic morphologies in the Drombeg prospect which are consistent with those of a large deep-water fan system, Providence says that these data also suggest that the Drombeg fan is being sourced from the Porcupine Bank via discrete sediment feeder systems. Initial review of the seismic gathers during data processing has also confirmed anomalous Class II AVO behaviour within the prospect. Whilst further seismic interpretation work is continuing on the fast-track 3D volume, the main interpretation, mapping and seismic attribute analysis work will be completed on the final migrated 3D volume, which is due to be received at the end of April 2015.
Speaking today, John O’Sullivan, Technical Director at Providence said: “We are providing this market update on these very initial observations from the Drombeg 3D survey given that Polarcus are making a presentation on this survey today at the APPEX Global 2015 Conference in London. Whilst much further work remains to be carried out, we are obviously encouraged by these initial results, which appear to validate our previous work.
“Given its considerable prospective resource potential, the Drombeg project has already attracted expressions of interest from a number of major international oil companies and we plan to hold prospect presentations later in the year once a comprehensive data analysis has been completed.”