Providence: New Data Confirm Significant Oil Potential in Rathlin Basin Off Ireland
Providence Resources P.l.c., (“Providence”) the Irish oil and gas exploration and appraisal company, provided an update on its 100% owned and operated licences P1885 and PL 5/10 in the Rathlin Basin, offshore Northern Ireland.
In 2012, Providence acquired a Full Tensor Gradiometry (FTG) and magnetic airborne survey over its acreage, which was carried out by Bell Geospace. Initial processing of these data revealed the presence of five FTG anomalies which were deemed prospective for hydrocarbon exploration. The primary FTG anomaly, the “Polaris Prospect”, which lies in the Rathlin Sound just off the Northern Irish coast, is coincident with a significant structural feature imaged on vintage 2D seismic data. This prospect lies structurally on-trend with the onshore 2008 Ballinlea-1 well, which successfully recovered good quality oil to the surface during testing. Further processing of the newly acquired gravity data indicate that this Polaris feature is a large areally extensive structure covering c. 30 sq km. All of the elements of a working petroleum system in this frontier basin, such as source, reservoir and seal have been proven in adjacent nearby onshore wells.
An initial P50 volumetric estimate, based on gravity and offset well data, indicates an in-place prospective resource potential of c. 530 MMBO for the Polaris Prospect. Given its near-shore location, it is possible that the “Polaris Prospect” could be drilled from an onshore Northern Ireland location with high level potential surface well locations currently being evaluated.
John O’Sullivan, Technical Director of Providence, said:
“We continue to be very encouraged by the results of the recent FTG programme, which has exceeded our pre-survey expectations. The Rathlin Basin has always been considered prospective due to the presence of a rich oil prone source rock, however poor seismic imaging has historically rendered it difficult to determine the basin’s true hydrocarbon entrapment potential. We believe that our application of new technologies such as Full Tensor Gradiometry should allow for a complete re-assessment of this frontier basin. We have now commenced planning for a future drilling programme in 2014, which includes necessary site investigations, local permitting requirements together with regulatory and local stakeholder liaison.
This planned drilling operation forms part of Providence’s ongoing multi-basin drilling programme which commenced last year with the successful appraisal of the Barryroe oil field, offshore southern Ireland. Drilling operations planned for 2013 include the upcoming deepwater exploration well on the Dunquin prospect, an appraisal well on the Spanish Point gas condensate discovery and an exploration well in the Kish Bank Basin. In 2014, we plan to drill an exploration well on the Polaris Prospect and an appraisal well on the Dragon gas field.”
[mappress]
Press Release, January 24, 2013
List of related news articles
-
Posted: 24 days ago
ConocoPhillips makes ‘significant’ oil discovery off Norway
ConocoPhillips has made a new oil discovery in production license 891 located 14 miles north-northea...
Posted: 24 days ago -
Posted: about 1 month ago
Providence inks Barryroe farm-out deal with SpotOn
Irish oil and gas exploration company Providence Resources has signed a farm-out deal with SpotOn En...
Posted: about 1 month ago -
Posted: 18 days ago
Santos grabs exploration permit off Australia
Australian energy major Santos has been granted an offshore exploration license in Australia’s North...
Posted: 18 days ago -
Posted: 22 days ago
Petrobras reinforces pre-salt potential in Búzios field
Brazilian oil and gas company Petrobras has made a new oil discovery located in the deepwater Búzios...
Posted: 22 days ago