Providence Resources P.l.c., the Irish oil and gas exploration and production company, whose shares are quoted in London (AIM) and Dublin (ESM), provides an update on Licensing Option 11/2 (“Spanish Point South”).
Capricorn Ireland Limited (38%, Operator (wholly owned subsidiary of Cairn Energy)), Providence Resources (32%), Chrysaor E&P Ireland (26%) and Sosina Exploration (4%) were awarded Spanish Point South as part of the 2011 Irish Atlantic Margin Licensing Round. The Spanish Point South area lies in c. 400 metre water depth in the northern Porcupine Basin and is c. 160 km off Co. Clare, west of Ireland.
Having made the mandatory 25% areal relinquishment, the Spanish Point South partners have been offered a follow-on Frontier Exploration Licence (FEL1/14) by the Minister of State at the Department of Communications, Energy and Natural Resources. The principal element of the forward work programme is the acquisition of a 500 km2 3D seismic survey over the area, with survey planning having already commenced. Potential prospectivity has been identified in Upper Jurassic and Lower Cretaceous intervals similar to those which previously successfully tested oil and gas in the adjacent Spanish Point 35/8-2 and Burren 35/8-1 discovery wells.
Speaking today, John O’Sullivan, Technical Director of Providence said,
“Given our planned 2014 drilling activity on the Spanish Point discovery which lies adjacent to this acreage, this new licence award provides the partners with further acreage in a region which is drawing increasing industry interest. Our planned 3D seismic survey will be the third which the partners have acquired across the area, and which, in tandem with the 2014 Spanish Point well, should put us in the leading position in understanding the hydrocarbon exploration and development potential within the principle prospective Mesozoic intervals. “
Press Release, January 21, 2014