Seismic Study Shows Spanish Point to Be Sleeping Giant

Providence Resources and partners have recently completed 3D seismic and integrated studies over the Spanish Point gas discovery offshore Ireland, revealing a significant find with commercial potential. The completed interpretation of 3D seismic acquired over the permit was integrated into a technical assessment of the discovery originally made by Phillips Petroleum in 1981.

Additional analysis was undertaken on core obtained from the discovery but was only made available in 2009. Results from the core-based goniometric, capillary pressure, and rock mechanics studies, together with hydraulic fracture modeling and new fluid compositional modeling was fed into the assessment.

The partners have focused on two volumetric scenarios, indicating an in place resource ranging from 200 to 510 MMboe with 100 to 200 MMboe recoverable, respectively. It is estimated field development will require between 6 and 14 horizontal fracture stimulated production wells, with peak field production thought to be 250 MMcf/d and 30 Mbopd. These findings have de-risked Spanish Point allowing for future appraisal and development work to commence on this tested discovery, commented Tony O’Reilly, Chief Executive of Providence. Drilling is planned for 2012.

The Spanish Point Project is located in Frontier Exploration License 2/04 in the Main Porcupine Basin, offshore western Ireland in 1,312 feet (400 meters) of water. Providence operates the license with 56%; Chrysaor with 30%; and Sosina Exploration Limited with 14%.

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