Providence making solid progress in Porcupine Basin

Ireland-based oil and gas exploration company Providence Resources updated the market on Friday, on Frontier Exploration Licence 2/14 located in the southern Porcupine Basin.

The AIM-traded firm said FEL 2/14 is operated by Providence Resources, which holds a 56% interest, on behalf of its partners Capricorn Ireland - a wholly owned subsidiary of Cairn Energy, which holds 30% - and Sosina Exploration, which holds 14%.

It said the licence contained 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, is located in 2,233 metres of water and [is] 220 kilometres off the south-west coast of Ireland,” the Providence board explained.

“The well, which is being drilled by the Stena IceMAX drillship, 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' data indicates that the Druid prospect comprises a porous water-bearing reservoir.”

In accordance with pre-drill plan, Providence said operations would now proceed to assess the deeper Lower Cretaceous ‘Drombeg’ exploration target, which is situated around 1,000 metres beneath Druid.

The board said a further operational update would be provided once the Drombeg prospect has been penetrated, or as appropriate.