Providence, PGS Team Up for Offshore Seismic Ventures

Providence Resources has signed a strategic collaboration agreement with PGS Ventures A/S, a division of Petroleum Geo-Services (PGS), an industry leader in offshore seismic data acquisition and processing.

This agreement will allow the companies to co-operate on offshore seismic survey design and acquisition across the portfolio, particularly in such challenging data areas such as the Celtic Sea Basin where Providence is currently evaluating a number of oil and gas discoveries, through its SPV's EIRGAS and EXOLA. Where possible, and as appropriate, Providence will seek to leverage on PGS' proprietary technology such as the "GeoStreamer" seismic acquisition system. In addition, Providence will also gain access to view PGS' significant multi-client seismic database offshore Ireland and offshore United Kingdom.

Tony O'Reilly, Chief Executive of Providence, said, "We are delighted to enter into this collaboration agreement with PGS Ventures which we believe will have a material impact on the development of our asset portfolio. In addition, we look forward to gaining access to view PGS' data library both offshore Ireland and the UK and benefit from their intelligence as we work with them in the development of future projects."