LONDON (Alliance News) - Providence Resources PLC on Friday said it has received the initial results from the 3D seismic data acquisition survey conducted at the FEL 1/14 licence in the northern Porcupine Basin off the west coast of Ireland.
Providence said the survey has confirmed the presence of the Ruadhan gas prospect at the site. "These data also confirm that the previous 1977 Shell-operated 35/13-1x well, which targeted the Ruadhan prospect, failed to reach the feature being terminated in the overlying Lower Cretaceous section due to operational issues," the company said, referring to Royal Dutch Shell PLC.
The company said Cairn Energy PLC, the operator of the licence, is planning to start exploration activity on the project in 2017, subject to securing government approval.
"When taken in tandem with the previous studies carried out on our adjacent acreage, this latest interpretation supports the potential existence of an extensive and material Upper Jurassic gas condensate structural play fairway across the northeastern flank of the Porcupine Basin," said Providence Technical Director John O'Sullivan.
Providence shares were down 0.1% to 11.24 pence Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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