LONDON (Alliance News) - Providence Resources PLC on Friday said it has received 2D seismic data from the South Celtic Sea Basin licence, confirming the presence of a significant Mesozoic Silverback structural closure and supporting the presence of good quality oil prone source rocks.
Providence has applied for a 12-month extension to its licensing option for the prospect in order to carry out further technical studies, it said.
"The results of our seismic interpretation and mapping have confirmed the Silverback prospect to be a large Lower Triassic structural closure. Regionally, such Lower Triassic structural plays have enjoyed considerable exploration success with major hydrocarbon accumulations proven at the Wytch Farm, Morecambe Bay and Corrib Fields," said Technical Director John O'Sullivan.
Shares in Providence were up 0.6% to 24.4 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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