Providence Resources is planning to offer material interest in Frontier Exploration Licence 3/04 which contains the Dunquin South prospect. In mid-February former operator ENI announced that it was relinquishing its interest in the licence. Following completion of this process Providence will formally announce the farm-out. Dunquin South is a large Carbonate structure. Its sister prospect, Dunquin North, was drilled in 2013 and confirmed the presence of both a reservoir and a residual hydrocarbon column however, there had been a seal breach. Escape features can be seen over the Dunquin North structure but are not present in the Dunquin South structure. ENI held just shy of 37% interest in the licence.   Dunquin South is a Lower Cretaceous, Carbonate build-up prospect. The neighbouring Dunquin North prospect was drilled by well 44/23-1 in 2013. The well encountered a thick over-pressured carbonate reservoir system. 44/23-1 drilled through a 250 m massive porous carbonate reservoir which was water bearing. Petrophysical log interpretation showed elevated gas levels, together with oil shows in sidewall cores over the upper section suggesting a residual oil column. In 2014 it was confirmed that the prospect contained at least a 44 m residual oil column where the carbonate reservoir system was breached. Pre-breach oil STOIIP volumes were estimated to be 1.2 Bboe. Providence believes that the Dunquin South prospect is less likely to have been breached based on its high quality 3D seismic.
rovidence Resources is planning to offer material interest in Frontier Exploration Licence 3/04 which contains the Dunquin South prospect. In mid-February former operator ENI announced that it was relinquishing its interest in the licence. Following completion of this process Providence will formally announce the farm-out.