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Providence Resources Gets First Data From Drombeg Seismic Study

Tue, 03rd Mar 2015 10:19

LONDON (Alliance News) - Providence Resources PLC on Tuesday said it has received seismic study data on the Drombeg prospect in the southern Porcupine Basin, offshore south-west Ireland.

Providence said the study results are consistent with a large deep-water fan system. A deep-water fan system is an underwater geological structures associated with large-scale sediment deposits.

The company said further seismic interpretation work will be undertaken, with the main interpretation set to be completed in April 2015.

"Given its considerable prospective resource potential, the Drombeg project has already attracted expressions of interest from a number of major international oil companies and we plan to hold prospect presentations later in the year once a comprehensive data analysis has been completed," said Providence Technical Director John O'Sullivan.

Shares in Providence were down 2.7% to 27.25 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance