Providence Confirms Start of Newgrange Seismic Survey

Irish explorer Providence Resources reported Monday that 2D seismic surveying operations have begun over Frontier Exploration Licence 6/14 (FEL 6/14), which contains the Newgrange prospect.

Located in the Goban Spur Basin some 160 miles off the southwest coast of Ireland, the Newgrange prospect lies in 3,280 feet water depth.

The MC2D survey, using the M/V Harrier Explorer survey vessel, is being carried out under contract by Polarcus MC and Seabird Exploration. Providence said the survey will see the acquisition of 1,525 miles of new "state of the art" long offset 2D seismic reflection data in the Newgrange area. Approximately 610 miles of this will be focused on the Newgrange prospect itself.

Providence said that this 2D seismic program will also tie into Polarcus's South Porcupine MC3D survey, which is currently taking place in the Drombeg area as well as the Dunquin North exploration well – which has already proven an oil exploration play concept in Cretaceous-aged carbonates in the area.

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

"Providence is very pleased to anchor yet another seismic acquisition program off the west coast. This survey, in tandem with the two 3D seismic acquisition program currently being acquired over our Drombeg prospect and our Spanish Point South prospects, will give valuable new data over the North and South Porcupine basins, as well as the Goban Spur Basin. These activities demonstrate our major commitment to the exploration of the Ireland's highly prospective Atlantic Margin basins and will provide valuable proprietary new data in advance of the upcoming licensing round."

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