Providence Sets Sights on Kish Bank Basin

Previous exploratory drilling in the Kish Bank Basin, offshore eastern Ireland, confirmed the potential for oil in a number of wells. Recently, a review of previously acquired 2D seismic data revealed there is a large un-drilled structural closure at the Lower Triassic level, which is known as the Dalkey Island exploration prospect. It is estimated the prospect contains c.870 million barrels of oil in place but significant risks are associated with this prospect. Its shallow water location and close proximity to shore is of key interest to the partners who are focusing on a work program to better understand and mitigate the risks. Providence holds an operated 50% equity interest in the License Option 08/2, together with partner Star Energy, a subsidiary of Petronas.

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