Providence finds new Paleocene deep-water fan prospect

Irish-based oil and gas exploration firm Providence Resources has said a recent 3D seismic data survey has confirmed the presence of a large 400km Paleocene deep-water fan system at its licence in the southern Porcupine Basin, which is located approximately 220 km off West Cork.

The fan system, called ‘Druid’ is the second large prospect to be discovered in the region following the previously identified Lower Cretaceous Drombeg prospect.

“These initial 3D seismic observations at Druid are very encouraging given the considerable Paleocene exploration success that the neighbouring UK West of Shetlands has enjoyed using similar 3D seismic imaging and attribute analysis,” said John O’Sullivan, technical director at Providence.

“We have witnessed a step change uplift in the imaging of the Druid fan system versus the previous 2D seismic data interpretation which now allows us to subdivide the fan into various sediment pulses and better understand potential reservoir sweet spots and intra-fan trapping morphologies which could be targeted with a future exploration well. Further work is ongoing which will ultimately include an estimate of Druid’s prospective resource potential,” he added.

Providence, which is listed in Dublin and London, has an 80 per cent share in the licence with its partner Sosina Exploration Limited, holding the remaining interest.