LONDON (Alliance News) - Providence Resources PLC on Friday said its exploration project with US oil services company Schlumberger Ltd on the southern Porcupine Basin offshore Ireland has confirmed oil accumulations at the project.
Providence said a multi-domain analysis undertaken on the project confirmed the presence of two large vertically stacked stratigraphically trapped oil accumulations over the Druid and Drombeg prospects.
The findings indicated total cumulative in-place prospective resources of 5.095 billion barrels of oil. Providence added both prospects could be evaluated with a single exploration well, which would cost about USD85 million to drill.
"These targets are clearly highly attractive for drilling given the magnitude of the resource base together with the significant de-risking that has resulted from the collaborative project. In addition, the current rig and offshore services market adds the important further dimension of a highly attractive cost dynamic," said Providence Technical Director John O'Sullivan.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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