Thursday, August 14 10:24:21
Irish energy prospector, Providence Resources, today said it has started a 3D seismic survey of its Spanish Point South prospect in the Northern Porcupine Basin off the West coast of Ireland.
The water depth across the licensed area ranges from 300 to 650 metre and the licensed area is located about 140 kilometres off the coast.
Spanish Point South is operated by Capricorn Ireland Limited (wholly owned subsidiary of Cairn Energy PLC, working interest 38pc) on behalf of its partners Providence Resources Plc (32pc), Chrysaor E and P Ireland Limited (26pc) and Sosina Exploration Limited (4pc). The partnership also holds the adjacent FEL's 2/04 and 4/08 licence.
All of the four wells drilled in the Spanish Point South area so far have encountered either gas or oil, Providence said, adding that the current best early stage estimate of possible oil is 350mln barrels, a figure separate from the Spanish Point discovery due to be drilled in 2015.
Speaking today, John O'Sullivan Technical Director of Providence said the survey will provide valuable information.
"This new 3D seismic survey over the Spanish Point South area is our third such programme in this part of the basin since 2009. When combined, these new data will allow for a comprehensive re-evaluation of the total hydrocarbon resource potential of this area, where previous wells have successfully tested both oil and gas. We believe that the key risk is reservoir quality, rather than hydrocarbon presence, and so we consider that modern high quality 3D seismic imaging will be a significant tool in reservoir prediction," he said.
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