Providence is farming out interest in Frontier Exploration Licence (FEL) 6/14 (blocks 61/13a, 61/14, 61/15, 61/18a, 61/19a, 61/20a, 62/11a and 62/16a). The acreage is located on the margins of the southern Porcupine Basin in the Goban Spur Province approximately 260 km off the southwest coast of Ireland. The acreage was originally awarded to Providence (80%) and Sosina (20%) in October 2011 as LO 11/11 in the 2011 Irish Atlantic Margin Licensing Round. In April 2014, LO 11/11 was converted to 15 year FEL 6/14 and kept the same working interests. Providence is looking for a partner to drill exploration well 62/11-A targeting the Newgrange prospect. As of October 2018, Providence was still in discussion with potential farminees, drilling could take place in either 2019 or 2020 (subject to regulatory consent). The latest internal well cost estimate is less than USDÂ  15 million, exclusive of mobilisation.  On 18 June 2018, two months ahead of schedule, Providence reported that Gardline had mobilised the M/V Kommandor vessel to complete a site survey. On 11 July 2018, Providence announced the site survey vessel has commenced demobilisation following the acquisition of data suitable for input to an application for the permitting of a Newgrange exploration well.Â Initial analysis of the seabed data over the proposed Newgrange well location confirmed the presence of more than 100 seabed pockmark features. On 15 October 2018, Providence announced that after a third party evaluation of the data collected in July 2018, 262 pockmarks were identified. Geochemical analysis of seabed samples has confirmed the presence of both biogenic and thermogenic hydrocarbon sourcing signatures indicating the pockmarks are possibly related to hydrocarbon migration. In addition, high resolution sub-bottom 2D data has revealed buried pockmark fields up to c. 100 m beneath the seabed possibly indicating active hydrocarbon migration over a prolonged period. The Newgrange prospect is calculated to have Pmean in-place resources of 13.6 Tcf GIIP or 9.2 Bbo STOIIP.  The Newgrange prospect consists of two large stacked four-way structural closures at both Base Cenozoic and Base Cretaceous covering an area of 1,204 sq km. Newgrange is similar to the Dunquin North residual oil accumulation which targeted a Lower Cretaceous Carbonate play type The prospect is likely to have good carbonate reservoir facies from facing the paleo wind direction during deposition. The top seal has been identified as the key risk due to its thin nature. Providence undertook seal capacity analysis in 2016 where the top seal was estimated to potentially contain a ~350 m hydrocarbon column. Additional vertical stacking prospectivity has been identified from the underlying Jurassic clastics. The Newgrange prospect is located in ~1,000 m water depth with the crest of the Cretaceous target ~500 m BML.   The presence of a working hydrocarbon system is proven from the adjacent 62/07-1 exploration well drilled by ESSO in 1982. The well encountered an Eocene Top Seal supported by an 8 m Aptian âDrowning Shaleâ. Thick, high porosity Cretaceous Carbonate facies and a 30 m high quality Jurassic reservoir were also penetrated. The source was interpreted as a 170 m thick, low TOC, Low HI and early mature gas prone source.   Interest in FEL 6/14 is held by Providence Resources plc (80% + operator) and Sosina Exploration Limited (20%).   For further information please contact:  John O'Sullivan  Email: josullivan@providenceresources.com
Providence is farming out interest in Frontier Exploration Licence (FEL) 6/14 (blocks 61/13a, 61/14, 61/15, 61/18a, 61/19a, 61/20a, 62/11a and 62/16a). The acreage is located on the margins of the southern Porcupine Basin in the Goban Spur Province approximately 260 km off the southwest coast of Ireland.