Survey Ops Start at Spanish Point, Ireland

Irish explorer Providence Resources confirmed Wednesday that site survey operations are about to commence on its Spanish Point acreage in the Main Porcupine Basin off the west coast of Ireland.

The work is being carried out by Chrysaor on behalf of the Spanish Point partners and is part of the preparations for the drilling of an appraisal well in 2013. The operations are expected to be finished in early September.

Providence, currently the operator of the FEL 2/04 license although it recently agreed to transfer this role to Chrysaor, holds a 32-percent interest while Chrysaor holds 60 percent.

Job Langbroek, an oil sector analyst at Dublin-based Davy Stockbrokers, commented in a research note that the news was a reminder that despite Providence's current focus on the Celtic Sea to the south of Ireland there was more to the company than just its Barryroe discovery.

In March, Providence reported a major oil find at Barryroe in the North Celtic Sea Basin and since then analysts have speculated there could be more than a billion barrels there.





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