Providence Increases Stake in Dunquin South Prospect

Irish explorer Providence Resources announced Monday that it has agreed to buy Atlantic Petroleum's four-percent stake in Frontier Exploration Licence 3/04, which contains the Lower Cretaceous Dunquin South carbonate prospect offshore southwest Ireland. As a result of the deal, Providence's equity in FEL 3/04 will increase from 16 percent to 20 percent. 

Lying in the southern Porcupine Basin, the Dunquin South prospect is estimated to contain approximately 1.389 billion barrels of oil equivalent. The nearby Dunquin North exploration well (44/23-1), drilled by Exxon in 2013, encountered a 144-foot residual oil column in a massive porous over-pressed Lower Cretaceous carbonate reservoir.

Providence CEO Tony O'Reilly commented in a company statement:

"We have availed of this opportunity to increase our equity interest in FEL 3/04, which contains the material Dunquin South exploration prospect. The 44/23-1 well results have de-risked many of the elements of the petroleum system and we therefore believe that, on a risked basis, Dunquin South is an attractive exploration prospect.

"Increasing our equity in FEL 3/04 also reflects our continued corporate commitment and strategic exploration focus on the vast and under-explored deep-water southern Porcupine Basin, which we believe contains all of the elements required to host giant hydrocarbon accumulations."



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
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours