Providence Offered LO 16/27 Offshore Ireland
Providence Resources plc has been offered Licensing Option 16/27 in the Porcupine Basin, offshore Ireland, as part of the second phase of the Atlantic Margin Licensing Round.
The option area is located around 93 miles off the west coast of Ireland and is situated in approximately 4,265 feet of water depth. The Licensing Option lies directly adjacent to, and north of, Frontier Exploration Licence 3/04, which contains the Lower Cretaceous Dunquin North residual oil column.
As part of the conditions for the award of the 2-year option, Providence has agreed to complete the purchase, reprocessing and interpretation of existing 2D seismic reflection data.
“We are delighted to have secured this option over Avalon, which further demonstrates our growing position in the emerging Porcupine Basin Paleocene play,” said John O’Sullivan, technical director of Providence, in a company statement.
“We are particularly encouraged with Avalon given its similarities to the nearby Druid prospect as well as its location adjacent to the Dunquin North residual oil accumulation which demonstrates the presence of an active petroleum system in this area.”
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