LONDON (Alliance News) - Providence Resources PLC on Monday said it has completed an initial evaluation of survey data for the Newgrange project in the Goban Spur Basin, offshore Ireland.
Providence said the initial evaluation of the 2D seismic data for the site has confirmed the presence of a large four-way dip closure in the prospect and has provided a marked improvement on the structural and stratigraphic imaging against previous 2D seismic data.
Providence is the operator of the licence, with an 80% stake, with partner Sosina Exploration holding the other 20% interest.
"Similar to the giant Kinsale Head gas field off the south coast of Ireland, our Newgrange prospect also comprises a shallowly buried Cretaceous four-way dip-closure," said Providence Techical Director John O'Sullivan.
"Whilst further studies are ongoing, we believe that the combination of material and high density prospective resources with low exploration drilling costs should serve to promote Newgrange as a very attractive deep-water exploration proposition from a risk-reward perspective," he added.
Shares in Providence were down 1.1% to 23.00 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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