Large Cretaceous Structure Confirmed Offshore Ireland

Irish explorer Providence Resources reported Friday that the operator, Capricorn Ireland, of the FEL 1/14 license offshore Ireland has confirmed the presence of a large-base Cretaceous structural closure.

After completing the initial interpretation of the key Base Cretaceous reflection within FEL 1/14 – located in the Porcupine Basin off the west coast of Ireland – using pre-stack time migrated 3D seismic data, Providence said the "significant" north-south orientated Ruadhan Prospect covers a 14-square mile area. The new 3D seismic data also provides a significant improvement in the detailed imaging of the pre-Cretaceous structure and stratigraphy.

Providence also said that the data also confirms that the previous 1977 Shell-operated 35/13-1x well, which targeted the Ruadhan Propsect, failed to reach it – being terminated in the overlying Lower Cretaceous section due to operational issues.

The data shows that the Ruadhan Prospect lies on-trend and is around 13 miles south of the Upper-Jurassic Spanish Point gas condensate field, which was discovered in 1981 and where Capricorn now plans to begin operations for drilling during 2017.

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

"These new 3D data have confirmed the presence of a significant pre-Cretaceous structural closure in close proximity to the proven Upper Jurassic Spanish Point gas condensate field. When taken in tandem with the previous studies carried out on our adjacent acreage, this latest interpretation supports the potential existence of an extensive and material Upper Jurassic gas condensate structural play fairway across the northeastern flank of the Porcupine Basin."

Capricorn holds a 38-percent interest in the FEL 1/14 license, while Providence's stake will fall to 43 percent after it sells a 15-percent interest to Chrysaor Holdings soon.