Providence Resources informed that it has been offered licensing option 16/27 over a circa 1,324 km2 area in the Porcupine Basin, offshore Ireland.

The option area is located around 150 km off the west coast of Ireland and is situated in approximately 1,300 meter water depth.

During regional interpretation and mapping of vintage 2D seismic reflection data, Providence identified an aerially extensive (c. 550 km2) north-south orientated Paleocene basin-floor channel and fan system (Avalon) within the axial part of the Porcupine Basin.

The Avalon system, which is located around 2,500 meters BML, is interpreted to be sourced from the north of the basin and shales out in a southerly distal direction.

The presence of a thick sandstone interval is indicated by compactional drape morphologies which are imaged within parts of the system. The pre-existing Mesozoic structural grain appears to have exerted some control on deposition as evidenced by thickening of the system within pre-existing structural lows, the company explained.

Whilst limited seismic reflection gather data were available during the evaluation phase, the available data suggest the potential for a depth-conformant amplitude versus offset (AVO) anomaly similar to the nearby Druid prospect in FEL 2/14, Providence added.

The main element of the agreed work programme during the 2-year option period is the purchase, reprocessing and interpretation of existing 2D seismic reflection data.

John O’Sullivan, technical director of Providence, said: “We are delighted to have secured this option over Avalon, which further demonstrates our growing position in the emerging Porcupine Basin Paleocene play. 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.”