Providence awards seismic data contract for Newgrange prospect

Irish-based oil and gas exploration firm Providence Resources said it had awarded a contract for the acquisition of a new seismic survey over the crest of its Newgrange prospect off the southwest coast of Ireland.

The contract was awarded by Providence on behalf of its partner Sosina Exploration to Gardline. The company will provide a new high resolution 2D reflection seismic survey over the crest of the Newgrange prospect, while also providing data suitable for input to an application for an offshore exploration well.

The licence is operated by Providence Resources, with Sosina Exploration having a 20 per cent stake.

Gardline plans to carry out the data acquisition during the third quarter of 2018, subject to regulatory consent, using the M/V Kommandor vessel,

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“We are pleased to announce the award of the 2018 Newgrange data acquisition programme to Gardline and look forward to commencing operations during the summer months,” said Dr John O’Sullivan, technical director of Providence. “The Newgrange prospect provides significant stacked exploration potential at both Jurassic and Cretaceous levels with proven source, reservoir and seal demonstrated in the previous off-structure 62/7-1 exploration well. The relatively shallow nature of the reservoir intervals also means that this data acquisition programme may provide even further insight to de-risk the potential presence of hydrocarbons within the subsurface prior to drilling.”

Providence said commercial discussions in relation to a potential farm-out of equity in the licence are continuing.