Providence Resources: Druid, Drombeg Prospects Could Hold 5B Barrels of Oil

Providence Resources: Druid, Drombeg Prospects Could Hold 5B Barrels of Oil
Providence Resources confirms that the Druid and Drombeg prospects in the southern porcupine basin could hold total cumulative in-place un-risked prospective resources of 5 billion barrels of oil.

Providence Resources plc confirmed Friday that the Druid and Drombeg prospects in the southern porcupine basin, offshore Ireland, could hold total cumulative in-place un-risked prospective resources of five billion barrels of oil.

The oil and gas exploration company, which carried out the prospective resource research in a joint industry project with Schlumberger Ltd., revealed that both prospects could be evaluated with a single vertical exploration well, costing an estimated $85 million.

Providence and Schlumberger’s collaborative venture commenced during the third quarter of last year and included a multi-disciplinary team of 30 technical professionals from Providence/Sosina and Schlumberger. The team focused on the primary technical disciplines of geology, geophysics, geomechanics and petroleum systems modelling, spending thousands of man-hours to confirm the prospective resource potential of the Druid and Drombeg assets.

Providence Technical Director John O’Sullivan said in a company statement:

“These results from the collaborative project have confirmed the interpretation of two large stacked deep-water fan systems with associated seismic responses which are consistent with the presence of highly porous light oil bearing sandstone reservoir systems. Whilst our respective in-house technical teams initially generated and matured these prospects, our collaboration with Schlumberger has fundamentally ‘changed the game’ by leveraging proprietary technology and work-flows to de-risk significant hydrocarbon potential.”

“The Druid prospect looks particularly attractive, given its size, resource density, shallow depth, modeled high porosities, normal pressures and beautifully imaged Class II AVO anomaly. The underlying Drombeg prospect adds further significant resource potential that is also AVO supported and which could be accessed with the deepening of a Druid exploration well.”

“These targets are clearly highly attractive for drilling given the magnitude of the resource base together with the significant de-risking that has resulted from the collaborative project. In addition, the current rig and offshore services market adds the important further dimension of a highly attractive cost dynamic.”

Schlumberger UKG GeoMarket Manager Karin Hoeing said in a company statement:

“We have studied both the Druid and Drombeg prospects using our latest state-of-the-art analytical subsurface tools and confirmed that both prospects demonstrate the attributes that are consistent with the presence of large, light oil accumulations in porous sandstone reservoirs. We look forward to continuing our collaborative effort with Providence to ultimately progress these high potential prospects to the drilling stage.”

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