Providence Resources has provided an operational update on its Spanish Point license (FEL 2/04), which is located c. 200 km off the west coast of Ireland. This license is situated in the Main Porcupine Basin and is operated by Providence (56%) on behalf of its partners, Chrysaor E&P Ireland Limited (30%) and Sosina Exploration Limited (14%).
During the summer of 2009, Providence and its partners acquired a c. 320 sq km 3D seismic survey over the Spanish Point license, which
Initial partially processed data indicate excellent resolution to below reservoir level across the whole of the Spanish Point structure and confirm the potential for further reservoir above that tested by the 35/8-2 discovery well within the existing hydrocarbon bearing block. In addition, the results suggest that fault density within the Spanish Point structure is relatively low, which is positive in terms of reservoir continuity and any ultimate future field development.
The 3D survey area also covered the adjacent 35/8-1 Burren oil discovery which flowed high quality 34o API oil from one of a number of thin Lower Cretaceous sands within a c. 400ft gross hydrocarbon bearing interval. Previously, it had been difficult to map the architecture of these reservoir sands however the 3D survey has already provided a significant improvement in the imaging of the Burren discovery which will allow the partnership to more fully assess its commercial potential.
Commenting on the announcement, Tony O'Reilly, Chief Executive of Providence said, "We are very pleased with the initial findings from this 3D survey which exceed our expectations. Whilst more work needs to be done to fully evaluate these 3D seismic data, the initial results
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