Irish oil and gas exploration and production firm Providence Resources has today said it is to enter the second phase of FEL 2/04, which contains the Spanish Point gas condensate and Burren oil discoveries in Co Clare.
This second phase carries a firm well commitment and will form part of Providence’s previously announced multi-year, multi-basin drilling programme offshore Ireland.
Providence, whose shares are listed in Dublin and London, also said a new 3D seismic survey is to be acquired over FEL 4/08
The subsurface evaluation of FEL 4/08 carried out to date has been based on 2D seismic data together with the integration of the mapping into the overall Spanish Point regional model.
The work has revealed the presence of a number of new prospective features and led the company to agree to acquire a new c. 200 sq km 3D survey over FEL 4/08 and integrate these data with the recent 2009 Spanish Point 3D survey. It is planned that this survey will be acquired during the summer 2011.
A new independent competent persons report (CPR) for FEL 2/04 and FEL 4/08 has also been completed which has assessed gross un-risked recoverable prospective resources of up to c. 750 MMBOE.
The CPR also evaluated the contingent resource potential at “Spanish Point” and has attributed gross contingent resources that are in line with the previously reported volumes of up to c. 200 MMBOE REC.
“Following the hugely positive impact that 3D seismic has had on our understanding of the Spanish Point discovery, the partners have now taken the decision to move into the second phase of the licence by providing a well commitment," said John O’Sullivan, technical director of Providence
"Our mapping and the associated CPR have highlighted additional resource potential around Spanish Point, both in known discoveries such as Burren, as well as in the newly identified exploration targets in FEL 2/04 and FEL 4/08. We believe that the deployment of 3D seismic technology will again add similar value to our adjacent FEL 4/08 area and help to advance it to a drill ready stage.”
