Providence Reevaluates Heavy Oil Potential Offshore Ireland

Providence completed a technical assessment of the heavy oil potential underlying the Ardmore gas field, which was discovered by Marathon Oil in 1974, and comprises a gas cap with an underlying heavy oil (c. 16o API) accumulation. Recently completed work revealed the presence of a significant heavy oil resource at the nearby Baltimore discovery, prompting a re-evaluation of the resource potential within the Ardmore oil leg. Providence reevaluated a 2006 3D seismic survey, which suggests an in place resource potential of up to c. 230 MMbo on the Lower Cretaceous aged Ardmore field. Providence will now seek a heavy oil specialist to assess the discovery for potential future development. The Ardmore field is located in Standard Exploration License (SEL) 2/07 in the North Celtic Sea Basin and is located about 37 miles (60 kilometers) off the south coast of Ireland in 295 feet (90 meters) of water. Providence holds a 72.5% operated interest in SEL 2/07 with partners Atlantic Petroleum (18.3%) and Sosina Exploration (9.2%).

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