Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an operational update regarding Frontier Exploration Licence (FEL) 2/14 located in the southern Porcupine Basin. FEL 2/14 is operated by Providence Resources plc (56%) on behalf of its partners Capricorn Ireland Limited (a wholly owned subsidiary of Cairn Energy PLC, 30%) and Sosina Exploration Limited (14%), collectively referred to as the “JV Partners”. The licence contains the Paleocene “Druid”, Lower Cretaceous “Drombeg” and pre-Cretaceous “Diablo” prospects.
The 53/6-1 (pre-drill designation 53/6-A) well, which spudded on July 11, 2017, is located in c. 2,233 metres of water and c. 220 kilometres off the south-west coast of Ireland. The well, which is being drilled by the Stena IceMAX drill ship, penetrated the Paleocene Druid prospect within the pre-drill depth prognosis having been safely drilled to section target depth. Preliminary petrophysical analysis of ‘Logging While Drilling’ (LWD) data indicates that the Druid prospect comprises a porous waterbearing reservoir.
In accordance with pre-drill plan, operations will now proceed to assess the deeper Lower Cretaceous Drombeg exploration prospect exploration target, which is situated c. 1,000 metres beneath Druid. A further operational update will be provided once the Drombeg prospect has been penetrated or as appropriate.
