Providence Resources issues update for Irish licence

Irish-based oil and gas exploration company Providence Resources has said a recent 3D seismic survey undertaken at the Fel/114 licence in the northern Porcupine Basin has indicated the presence of a significant Paleocene deep-water channelised system.

The license is located about 150km off the west coast of Ireland,

According to the 3D survey, the system, which had been previously detected in earlier surveys, covers a minimum 14km area.

The latest announcement comes just days after the firm confirmed the presence of a large 400km Paleocene deep-water fan system in the nearby southern Porcupine Basin.

Providence’s technical director John O’Sullivan said while the early observations were positive, further detailed seismic and well analyses would be required in order to understand whether any potential resources associated with the main channel axis would merit the drilling of a new offset well.

Providence has a 43 per cent stake in the licence having recently agreed to assign a 15 per cent equity interest to Chrysaor Holdings.