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.
WHAT DO YOU THINK?
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- USA Driving Activity to Increase to All-Time Highs
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension