Providence Resources, the Irish oil and gas exploration and appraisal company, said on Tuesday that it is encouraged by early work on its Drombeg prospect.
In a technical update on its Drombeg exploration prospect off the coast of south-west Ireland, said that an initial evaluation of the site has revealed seismic morphologies in the Drombeg prospect, which are consistent with those of a large deep-water fan system.
John O’Sullivan, technical director at Providence, said that whilst much further work remains to be carried out, the Dublin and London listed exploration group is “obviously encouraged” by the initial results, which appear to validate its previous work.
“Given its considerable prospective resource potential, the Drombeg project has already attracted expressions of interest from a number of major international oil companies and we plan to hold prospect presentations later in the year once a comprehensive data analysis has been completed,” he said.
Providence said that further seismic interpretation work is continuing and is due to be received at the end of April 2015.
“A further announcement will be released in this regard in due course,” Providence said.
