LONDON (Alliance News) - Providence Resources PLC Monday said a major new 3D seismic programme will start offshore southeast Ireland this summer that will take in the company's Drombeg license.
In a statement, Providence, which is the operator of Dromberg and has an 80% stake, said Polarcus is planning a non-exclusive multi client survey over 3,200 square kilometres, including about 1,065 square kilometres of the Dromberg prospect.
It said it will pay a fixed fee for the data for Dromberg as well as an adjacent open acreage.
"This new survey represents the largest 3D seismic programme to be announced for offshore Ireland so far this year. Providence's involvement has been integral in allowing Polarcus to commit to such an extensive 3D acquisition programme," Providence Technical Director John O'Sullivan said in a statement.
"We expect that these new high resolution 3D data over our Drombeg prospect will confirm the potential which has been identified within the Lower Cretaceous section and will allow for the commencement of well planning on Drombeg. These data will also allow us to evaluate the potential in the stacked Jurassic and Paleocene levels where significant addition exploration prospectivity has been identified," he added.
Providence Resources shares were down 0.9% at 228 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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