Providence Set to Move Ahead with Dalkey Island Drilling

Irish explorer Providence Resources reported Thursday that it is set to move ahead with drilling its Dalkey Island prospect, offshore Dublin after receiving permission from the Irish government.

Providence said it has now been awarded the 'Foreshore Licence' over an area in the Kish Bank Basin, offshore Dublin, by the Irish Department of Environment, Community and Local Government.

The license permits the carrying out of a 2D seismic program, a well site survey and the drilling of an exploration well on the Dalkey Island prospect, located within Standard Exploration Licence 2/11/

Providence holds a 50-percent interest in SEL 2/11, which it operates on behalf of itself and its partner, PSE Seven Heads – a wholly-owned subsidiary of Petronas.

Providence will now advance procurement activities for a site survey vessel and drilling unit to drill Dalkey Island, the company said. Oil sector analyst, Job Langbroek of Dublin-based Davy Stockbrokers, commented that he exected the site survey would proceed relatively quickly.

Langbroek added that the Dalkey Island target has a very similar geological setting to that seen in the east Irish Sea, where both oil and gas have been produced since the 1990s.

“Four earlier wells drilled in the Kish Basin have established the presence of the same reservoir rock, cap rock and gas-prone source rock as seen in the Liverpool Bay basins,” he said.

Providence has already seen success this year, with its Barryroe find in the Celtic Sea that is estimated to contain up to 1.6 billion barrels of oil.



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