Providence, Polarcus Start 3D Seismic Programme Offshore Ireland

Providence Resources P.l.c., plans to start a major 3D seismic programme in co-operation with Polarcus, subject to statutory assessment, in the southern Porcupine Basin, offshore south-west Ireland.

This non-exclusive multi-client survey, which is planned to commence this summer, will cover the deep-water Drombeg exploration prospect that is located in Frontier Exploration Licence (FEL) 2/14 (‘Drombeg Licence’). The Drombeg Licence, which is situated in c. 2,500 m water depth and c. 220 km off the west coast of Ireland is operated by Providence Resources (80%) on behalf of its partner Sosina Exploration Limited (20%). Providence and Sosina recently converted Licensing Option (LO) 11/9 into FEL 2/14.

The total planned seismic acquisition programme will cover a minimum area of 3,200 km2, which will include c. 1,065 km2 over the Drombeg Licence. Under the terms of the recently executed agreement, Providence and Sosina have agreed to licence a total of 2,250 km2 of data which will include the area over the Drombeg Licence and adjacent open acreage for a fixed sum. This 3D seismic programme will fulfil the seismic data acquisition work programme obligations for the first phase of FEL 2/14. Polarcus plan to carry out the seismic acquisition programme using one of their high-end “A” class 3D vessels.

John O’Sullivan, Technical Director of Providence commented:

“This new survey represents the largest 3D seismic programme to be announced for offshore Ireland so far this year. Providence’s involvement has been integral in allowing Polarcus to commit to such an extensive 3D acquisition programme.

“We expect that these new high resolution 3D data over our Drombeg prospect will confirm the potential which has been identified within the Lower Cretaceous section and will allow for the commencement of well planning on Drombeg. These data will also allow us to evaluate the potential in the stacked Jurassic and Paleocene levels where significant addition exploration prospectivity has been identified.

“We are also very pleased to be working with Polarcus again, who successfully acquired 3D seismic surveys on both of our Barryroe and Spanish Point North blocks during 2011.”