Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Providence Says Drombeg Could Contain 870M Barrels

change text size

Irish explorer Providence Resources reported Monday that it has completed a major seismic inversion program on 2D lines over the Lower Cretaceous Drombeg prospect, located 135 miles off the coast of West Cork. The firm said that the amount of oil that could potentially be recovered from the prospect's primary seismic anomaly is 872 million barrels on a probable reserves (P50) basis.

The Drombeg prospect is located in the southern Porcupine Basin under 8,200 feet of water and 9,850 feet below the seabed.

Drombeg is just the latest in a number of promising prospects that Providence has uncovered. Earlier this year it estimated that its Barryroe target off the south coast of Ireland in the Celtic Sea contained up to 1.6 billion barrels of oil after it successfully drilled and tested the prospect.

Commenting on the news Monday, Providence Technical Director John O'Sullivan said in a statement:

"Recent successful discoveries, both in West Africa and South America, have highlighted the enormous potential of the Lower Cretaceous deepwater clastic exploration plays of the Central Atlantic. We believe that the results of the Drombeg seismic inversion signal that this significant play may well extend into the North Atlantic Conjugate Margin and, more particularly, into the southern Porcupine Basin."

Analysts at London-based investment bank Liberum Capital commented in a research note:

"The deep water prospect will be expensive to drill and we expect Providence to farm out an interest in the license ahead of probable 3D seismic acquisition and drilling."

Providence is the operator of Licensing Option 11/9, where Drombeg resides, and has an 80-percent interest in the license. Sosina Exploration holds the other 20 percent.



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  Key Oil, Gas Figures Welcome Scotland'... (Sep 19)
 -  Falkland Oil and Gas Makes Progress Ah... (Sep 16)
 -  One Millionth Barrel Delivered from Ar... (Sep 15)
 -  Inside GE's New Technology Solutions C... (Sep 12)
 -  BP, Shell Urge Scotland to Vote agains... (Sep 11)
Most Popular Articles
From the Career Center
Jobs that may interest you
Post-Doctoral / Research Scientist
Expertise: Electrical Engineering, Geophysicist
Location: Cambridge, VT
 
Geologist (Oil & Gas)
Expertise: Geologist
Location: Youngsville, LA
 
Research Scientist - Structural Geology
Expertise: Geologist
Location: Cambridge, VT
 
search for more jobs