Providence has completed a seismic inversion study over the Dragon gas discovery in the St. George's Channel Basin off eastern Ireland.
The study indicates that the Dragon gas accumulation may extend further into Irish waters, with a potential resource base of up to 300 BSCF of initial gas-in-place. The operator has commenced processing additional 3D seismic data and plans to drill an appraisal well in 2012.
The Dragon discovery well straddles two separate licenses between the Irish and UK median line: the Standard Exploration License, SEL 1/07, and UK Block 103/1. Providence has applied for UK Block 103/1 as part of the recent UK Government 'out-of-round' process. The discovery well, 103/1-1, was drilled by Marathon Oil in 1994. Providence wholly owns and operates the license.
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