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  • Licence update - Avalon Prospect - JV partners licence new 3D seismic data over Avalon Prospect
    édité le 18/02/2019 - Plus de news de "Providence" - Voir la fiche entreprise de "Providence"

Licence update - Avalon Prospect - JV partners licence new 3D seismic data over Avalon Prospect
Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an update on Frontier Exploration Licence (“FEL”) 2/19, operated by TOTAL E&P Ireland B.V. (50.0%) on behalf of its partners, Providence Resources P.l.c. (40.0%) and Sosina Exploration Limited (10.0%), collectively referred to as the “JV Partners”. FEL 2/19 is located in the Porcupine Basin, offshore Ireland and contains the undrilled Paleocene “Avalon” exploration prospect.

The JV Partners have licensed c. 1,500 km2 of multi-client 3D (MC3D) seismic data over FEL 2/19 which forms part of the larger Crean 3D seismic survey which was acquired by TGS in 2017. These new MC3D data should significantly improve the delineation of the Avalon prospect, together with facilitating any drill-decision on the prospect.

Commenting on the announcement, Dr John O’Sullivan, Technical Director at Providence, said:
“These new 3D seismic data should greatly enhance our understanding of Avalon’s origins, resource potential as well as possible exploration well locations. The commitment of the JV Partners to licence these data attest to the significant resource potential at Avalon. As these data are ‘off the shelf’, they should greatly reduce the cycle time to the drill-decision for the Avalon prospect. We look forward to providing further updates to shareholders in relation to the assessment of these new 3D data.”

About Providence Resources

Providence Resources (PVR LN, PRP ID) is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence’s shares are quoted on the AIM in London and the ESM in Dublin.

About Total

Total is a major energy player, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.

Origine : Communiqué Providence

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