Providence Offered Upgrade to its Newgrange Licensing Option

Irish explorer Providence Resources reported Thursday that it has been made an offer by the Irish government to convert its Newgrange licensing option into a Frontier Exploration Licence (FEL).

Providence said it has been offered a follow-on license, FEL 6/14, by the Minister of State at the Department of Communications, Energy and Natural Resources. The offer includes the requirement for Providence to conduct a forward work program, which will see the acquisition of some 620 miles of 2D seismic data over the area.

Providence said that survey planning has already begun. Subsurface studies carried out during the license option period highlighted clastic and carbonate exploration prospectivity within the Jurassic and Cretaceous intervals respectively. Seismic interpretation of 2D reflection profile data have revealed the presence of two large stacked four-way structural closures at both Base Cenozoic (Top Cretaceous) and Base Cretaceous levels covering an area of approximately 385 square miles.

Meanwhile, a previously-drilled well (designated 62/7-1) located some 19 miles from the Newgrange prospect, encountered hydrocarbon shows in sands of Lower Jurassic age.

Providence Technical Director John O'Sullivan commented in a company statement:

"Previous drilling has highlighted the prospectivity within the Jurassic and Cretaceous intervals of the Porcupine Basin, with much current industry focus on these Mesozoic play systems. The recent Dunquin North exploration well has proven that oil has been generated in the adjacent southern Porcupine Basin which flanks the Goban Spur and that Cretaceous carbonates can provide high porosity massive reservoir systems.

"The new 2D seismic program is being designed to de-risk the Newgrange prospect at both prospective levels and should provide the critical data in order to advance this material prospect towards drilling."

Providence is the operator of the Newgrange licensing option, with an 80-percent stake. Sosina Exploration holds a 20-percent interest.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours