Project Profile
Value: US$42 million
Location: Southern Porcupine Basin,150 km off the west coast of Ireland
Area: 1,324 km2
Depth:1,300 metre
In June 2016, Providence Resources and its partner Sosina were offered Licensing Option 16/27 over a 1,324 km2 area, c. 150 km off the west coast of Ireland and situated in 1,300 metre water depth. The Licensing Option lies directly adjacent to and north of FEL 3/04 which contains the Dunquin North residual oil accumulation and the Dunquin South exploration prospect. During regional interpretation and mapping of vintage 2D seismic reflection data, Providence identified an areally extensive (c. 550 km2) north-south orientated Paleocene basin-floor channel and fan system (‘Avalon’) within the axial part of the Porcupine Basin. The Avalon system, which is located c. 2,500 metres BML, is interpreted to be sourced from the north of the basin and shales out in a southerly distal direction. A structural flexure down to the north negates the requirement for sandstone pinch out in the proximal direction, greatly improving reservoir sealing potential. The presence of a thick sandstone interval is indicated by compactional drape morphologies which are imaged within parts of the system. The pre-existing Mesozoic structural grain appears to have exerted some control on deposition as evidenced by thickening of the system within pre-existing structural lows. Whilst limited seismic reflection gather data were available during the evaluation phase, the available data suggest the potential for a depth-conformant amplitude versus offset (AVO) anomaly similar to the nearby Druid prospect in FEL 2/14.
The main element of the agreed work programme during the 2-year term of LO 16/27 is the purchase, reprocessing and interpretation of existing 2D seismic reflection data. In June 2017, Providence and Sosina farmed out 50% working interest in the LO 16/27 to France’s Total.
Operators:
TOTAL: 50% interest
Providence Resources: 40% interest
Sosina Exploartion: 10% interest