Providence Resources Commences Farm-Out Process at Druid/Drombeg

Providence Resources has issued a call for oil and gas companies to farm-in to its Druid/Drombeg prospects, located on the South Porcupine basin offshore Ireland.

The company said Friday that it has begun the formal farm-out process for the asset, issuing eCard and eFlyer advertising for the “high impact opportunity”. Detailed 3D seismic data analysis shows Class II AVO anomalies at the Paleocene Druid and Lower Cretaceous Drombeg prospects, according to a Providence statement, and rock physics analysis suggests the potential to extract facies type from the assets.

Providence also revealed that farm-out discussions over the Spanish Point Field in the Northern Porcupine Basin are continuing with third parties and confirmed that a 3D seismic program over the Newgrange prospect in the Goban Spur Basin is scheduled to commence “later in 2016”, subject to all necessary regulatory approvals.

Commenting on the company’s latest developments, Providence Resources Chief Executive Tony O’Reilly said in a company statement:

“Today’s announcement demonstrates that Providence continues to progress its activities across its portfolio of assets in the Porcupine Basin. Providence is pleased to announce the launch of data rooms for farm-in for exploration opportunities in the South Porcupine Basin. As part of a joint “Collaboration in Exploration” agreement with Schlumberger, significant technical work has been completed between Providence and Schlumberger Centres of Excellence to de-risk these prospects. The farm-out process for Spanish Point, which was announced late last year, continues and there has also been further important technical analysis carried out on the Dunquin North well data as well as reaching agreement with Searcher Seismic on a proposed 3D survey over Newgrange later this year.

“Our Newgrange prospect in the Goban Spur has been effectively encircled by large companies, whilst at Druid/Drombeg in the southern Porcupine, major players have again been awarded authorizations over adjacent acreage. It will be interesting to see what other areas will be awarded and to whom when the Second Phase of the [Atlantic Margin] Licensing Round is announced in May. Importantly, the arrival of these new players validates Providence’s Irish-centric exploration strategy and portfolio. Working with our respective partners, we look forward to advancing these assets to the drilling stage.”  



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