Providence Offered Celtic Sea Licensing Option

Irish explorer Providence Resources reported Thursday that it has been offered a new licensing option in the South Celtic Sea Basin, offshore Southern Ireland, by the Irish Department of Communications, Energy & Natural Resources.

Providence said the 18-month option is situated in 328 feet of water and lies approximately 90 miles off the south coast of Ireland. The option covers two offshore blocks and seven part-blocks.

The firm added that initial seismic interpretation and mapping of existing 2D data has identified a number of structures, including a significant mid-basinal Mesozoic anticlinal closure known as "Silverback". It said that petroleum systems analyses suggest the structure could be prospective for the stacked entrapment of hydrocarbons in possible Lower Triassic, Lower Jurassic and Lower Cretaceous reservoir intervals.

Providence now intends to carry out a work program that will involve the reprocessing and interpretation of the 2D seismic data together with the integration of existing well control from adjacent basins in order to assess the potential within the option area.

Commenting on the option offer, Providence Technical Director said:

"The Silverback prospect represents a continuation of our stated strategy to generate and roll out new and material high impact exploration opportunities offshore Ireland. This latest addition to our extensive portfolio is a result of our ongoing technical re-evaluation of Ireland's under-explored offshore basins through the prism of new technology, higher pricing, improved infrastructure together with a fiscal regime designed to attract an inward flow of foreign direct investment."


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