Providence awarded west coast prospect

Providence Resources has extended its acreage off the west coast, via the Government offering it and its developmental partners a frontier exploration licence for its Spanish Point South option. It requires operators commit to at least one exploration licence at a prospect.

The prospect was awarded as part of the Irish Atlantic Margin Licensing Round, in 2011, and is 32% owned by Providence. Scottish explorer, Cairn Energy — via its Capricorn Ireland subsidiary — is operator, with a 38% stake — with London-based firms, Chrysaor owning 26% and Sosina Exploration 4%.

It’s been a busy week for Providence; with the Dublin-based company already having announced the award of a follow-on exploration licence for its Drombeg prospect in the southern Porcupine Basin and countering speculation the development of its Barryroe field in the Celtic Sea, wasn’t progressing according to plan.

The Cairn-led drilling of an appraisal well, at Spanish Point, during the first half of this year has been well-flagged as being the only notable offshore drilling scheduled for 2014.

In its own pre-close trading update, yesterday, Cairn also mentioned its plans to undertake this year the previously mooted 3D seismic survey on 500 sq km adjacent to the Spanish Point discovery. “Our planned 3D seismic survey will be the third which the partners have acquired across the area, and which, in tandem with the 2014 Spanish Point well, should put us in the leading position in understanding the hydrocarbon exploration and development potential within the principle prospective Mesozoic intervals,” Providence’s technical director, John O’Sullivan said.