Newgrange Prospect Could Hold 13.6 Tcf of Gas

Irish based oil and gas exploration company Providence Resources plc revealed Tuesday that the Newgrange prospect, located in the Goban Spur Basin, could hold un-risked prospective resources of 13.6 trillion cubic feet of gas.

The revised volumetric estimation, which is part of a joint exploration collaboration project with Schlumberger, incorporated recently acquired 2D long offset seismic reflection profile data. Newgrange is principally located in Frontier Exploration Licence (‘FEL’) 6/14, which lies in 3,280 feet of water depth, and is 167 miles off the south west coast of Ireland. Providence (80%) operates FEL 6/14 on behalf of its partner Sosina Exploration Limited (20%).

With operations currently being planned for the Druid exploration well in 2017, an internal scoping assessment of the incremental costs for an additional well on the Newgrange prospect was subsequently carried out. The study indicates that such a well would cost around $22.5 million (gross).

“These recently completed studies bring the material hydrocarbon resource potential at Newgrange into sharp focus,” said John O’Sullivan, technical director of Providence, in a company statement.

“Whilst exploration risk remains, the shallow depth of Newgrange below the seabed makes for a potentially compelling investment case in terms of the risk/reward metrics,” he added.



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
 -  Japan's NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  Falcon Updates on Drilling Ops at Amun... (Sep 30)
 -  MISC's MaMPU1 to Commence Ops at Vesti... (Sep 30)
 -  Det Norske Completes Merger with BP No... (Sep 30)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Reservoir Engineer
Expertise: Geologist
Location: Texas, TX
 
Senior Geologist - International E&P Company
Expertise: Geologist|Geoscientist
Location: Texas, United States, TX
 
Senior GIS Analyst
Expertise: Cartography / Mapping|Geologist|Geoscientist
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours