Providence Commences Major Irish Offshore Seismic Survey
Providence Resources has commenced a major new Irish offshore seismic survey using a new 'long offset' technique, which can vastly improve imaging and hydrocarbon detection. The survey, which is being used for the first time in the Celtic Sea, will focus on a number of the Company's existing oil and gas field assets and will be carried out by Fugro Data Services AG and TGS-NOPEC Geophysical Company ASA. The survey is being partially underwritten by Providence.
This first phase of the survey is expected to target specific structures including Ardmore, Hook Head and Blackrock. In addition, the survey will provide increased definition on the Pegasus, Dionysus and Apollo prospects in the St George's Channel Basin, where Providence holds a dominant acreage position adjacent to the Marathon-operated Dragon gas field.
A second survey phase is envisaged for 2006, which will involve a further 2,500 km of 2D seismic data collection, including some of Providence's large prospects in the Porcupine Basin off the west coast of Ireland.
Commenting on the survey, Chief Executive, Tony O'Reilly said:
"This new survey technique has already resulted in a noticeable increase in exploration success in the North Sea and we are delighted to be pioneering its use offshore Ireland. This is an exciting and important step in progressing towards drilling and development of Providence's many assets."
The "Northern Explorer" vessel mobilized from Den Helder, Holland on October 12, 2005 and is expected to acquire approximately 1,500 km of 2D seismic data in the North Celtic Sea and St. George's Channel Basins during 2005.
The new survey involves the use of a new 'Long Offset' technique where an 8
kilometer long receiver streamer is towed behind the seismic surveying vessel. This new technique, which has not previously been deployed offshore Ireland, vastly improves imaging and direct hydrocarbon detection, and presently is creating a renaissance in North Sea exploration.
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