Providence Resources said it hoped to drill its Ruadhan prospect in the Porcupine Basin offshore Ireland in 2017, following encouraging seismic data.
On January 29, technical director John O?Sullivan said the new 3D data have confirmed the presence of a significant pre-Cretaceous structural closure near the proven Upper Jurassic Spanish Point gas condensate field. ?When taken in tandem with the previous studies carried out on our adjacent acreage, this latest interpretation supports the potential existence of an extensive and material Upper Jurassic gas condensate structural play fairway across the northeastern flank of the Porcupine Basin,” he said.
Anglo-Dutch major Shell had been drilling there 40 years ago, Providence said, but it did not drill through the overlying section owing to operational issues.
Further interpretation and mapping will be carried out to finalise the prospective resource potential associated with the Ruadhan prospect.
Providence has agreed to assign a 15% equity interest in license FEL1/14 to Chrysaor Holdings which is subject to final ratification and which will reduce Providence’s equity interest from 58% to 43%. The operator of the licence is Cairn with 38%.
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