Providence inks technology agreement with Schlumberger

Providence Resources P.l.c., the Irish based oil and gas exploration company, has signed a strategic and incentivised exploration collaboration agreement with Schlumberger in respect of the southern Porcupine and Goban Spur Basins, offshore Ireland, in which Schlumberger will underpin Providence’s technical team with specific technology access.

Dr. John O’Sullivan, Technical Director of Providence commented:

“Since our initial entry into the southern Porcupine and Goban Spur Basins in 2004, we have witnessed a significant increase in interest in these basins from global E&P players. Our first mover advantage has allowed us to secure what we believe is some of the most materially prospective acreage in these basins, with the subsequent well results at Dunquin North and in the Flemish Pass, offshore Eastern Canada, serving to vindicate our initial exploration strategy.

“Having recently acquired modern high quality 2D and 3D seismic data over our primary prospects, we now plan to capitalise on our unique proprietary database by using Schlumberger’s best in class multi-disciplinary technologies in order to leverage in a deep-water Operator.”

According to Providence’s press release, the main themes to be addressed through the collaboration agreement with Schlumberger are the burial and hydrocarbon expulsion history of the southern Porcupine and Goban Spur Basins, together with a regional top seal capacity analysis. This joint study has been primarily designed to further de-risk the Dunquin South, Drombeg, Druid and Newgrange exploration prospects, together with any new acreage acquired in the area. Schlumberger will also support Providence in facilitating farm-out data-room processes for the Drombeg, Druid and Newgrange prospects, which are expected to start during Q1 2016.

Providence is an acreage holder in the southern Porcupine and Goban Spur Basins, with interests in four frontier exploration licences. The company has long maintained a strategic exploration focus on this area, having previously underwritten the acquisition of both 2D and 3D seismic reflection data, together with the generation of and participation in the 2013 ExxonMobil-operated 44/23-1 Dunquin North exploration well.

Providence’s current licence portfolio contains seven material exploration prospects in these basins namely, Dunquin South and Dunquin Ridge (located in FEL 3/04; PVR interest 20%); Drombeg, Druid and Diablo Ridge (located in FEL 2/14; PVR Operator/interest 80%; Sosina 20%); and Newgrange and Newgrange Ridge (located in FEL 6/14; PVR Operator/interest 80%; Sosina 20%).

The company also currently holds an interest in the ENI-operated Cuchulain prospect (located in FEL 1/99; PVR interest 3.4%).

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