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Providence begins 3D seismic survey planning on Drombeg prospect

Categories: Energy, Company News
Providence begins 3D seismic survey planning on Drombeg prospect

Providence begins 3D seismic survey planning on Drombeg prospect

Oil and gas exploration company Providence Resources said today that it has been awarded a follow-on frontier exploration licence for the Drombeg prospect, which lies 220km off the coast of west Cork.

Providence (80pc) and Sosina Exploration (20pc) were awarded Drombeg as part of the 2011 Irish Atlantic Margin Licensing Round. The prospect, which lies in around 2,500 metre water depth and is 3,000 metres below the seabed, is situated in the southern Porcupine Basin, around 70 km from the Dunquin exploration prospect which was drilled during 2013.
 
Survey planning has already started on the acquisition of a 500 km2 3D seismic survey over the prospect. Providence said the main Lower Cretaceous Drombeg prospect is considered to be of a similar age and depositional setting to prospects being targeted by Kosmos Energy further to the north and east in the basin.

It said that notably, the recently completed ExxonMobil-operated Dunquin North exploration well, which encountered a residual oil column in an over-pressured carbonate reservoir, has confirmed that both oil migration and entrapment has occurred within the Lower Cretaceous in this part of the basin.
 
“Given the significant oil prospectivity, which was highlighted during the licensing option phase, it should come as no surprise that we have elected to progress Drombeg to an exploration licence,” said John O’Sullivan, technical director of Providence.

“We envisage the 3D survey both as a tool to allow for further exploration risk mitigation, together with well planning. The results of the nearby Dunquin North well confirmed our oil-prone model for the area with the overpressure encountered in that well mitigating top-seal risk at Drombeg. In contrast with the Dunquin North target however, our existing 2D seismic data indicates that active hydrocarbon migration into Drombeg is occurring to the present day.”

Categories: Energy, Company News