Spanish Point Offshore Ireland - Operations Update - 3D Seismic
Survey
(Thomson Reuters ONE) - 7 October 2009 SPANISH POINT OFFSHORE IRELAND Operations Update - 3D Seismic Survey* Excellent resolution in initial fast-track 3D seismic data volumeo Good structural continuity, simplifying any potential fielddevelopmento Improved imaging of the 35/8-2 Spanish Point gas discovery andthe 35/8-1 Burren oil discovery* Confirmation of potential for additional reservoir above that tested by the Spanish Point discovery wellProvidence Resources P.l.c., the London (AIM) and Dublin (IEX) listedoil and gas exploration and production company, is pleased to providean operational update on its Spanish Point licence (FEL 2/04), whichis located c. 200 km off the west coast of Ireland. This licence issituated in the Main Porcupine Basin and is operated by Providence(56%) on behalf of its partners, Chrysaor E&P Ireland Limited (30%)and Sosina Exploration Limited (14%).During the summer of 2009, Providence and its partners acquired a c.320 sq km 3D seismic survey over the Spanish Point licence, whichcontains the Spanish Point gas discovery and the adjacent Burren oildiscovery. Preliminary fast track data from this survey have now beenreceived by the partnership and the initial observations are detailedbelow.Spanish PointInitial partially processed data indicate excellent resolution tobelow reservoir level across the whole of the Spanish Point structureand confirm the potential for further reservoir above that tested bythe 35/8-2 discovery well within the existing hydrocarbon bearingblock. In addition, the results suggest that fault density within theSpanish Point structure is relatively low, which is positive in termsof reservoir continuity and any ultimate future field development.BurrenThe 3D survey area also covered the adjacent 35/8-1 Burren oildiscovery which flowed high quality 34o API oil from one of a numberof thin Lower Cretaceous sands within a c. 400ft gross hydrocarbonbearing interval. Previously, it had been difficult to map thearchitecture of these reservoir sands however the 3D survey hasalready provided a significant improvement in the imaging of theBurren discovery which will allow the partnership to more fullyassess its commercial potential.Commenting on the announcement, Tony O'Reilly, Chief Executive ofProvidence said:"We are very pleased with the initial findings from this 3D surveywhich exceed our expectations. Whilst more work needs to be done tofully evaluate these 3D seismic data, the initial resultssubstantially enhance our overall views on Spanish Point. Ofparticular significance is the identification of additional potentialreservoir up-dip from the discovery well - this indicates significantresource upside in terms of gas in place. We are also very encouragedby the data over the Burren oil discovery".Contacts:Providence Resources P.l.c. Tel: +353 (0)1219 4074Tony O'Reilly, Chief ExecutivePowerscourtTel: +44 (0) 207 250 1446Rory Godson/Elizabeth RousMurray ConsultantsTel: +353 (0)1 498 0300Pauline McAlesterCenkos SecuritiesPlcTel: +44 (0)207 397 8900Joe Nally/Nick WellsDavyTel: + 353 (0)1 679 6363Eugenee Mulhern/ Stephen BarryNOTES TO EDITORSAbout ProvidenceProvidence Resources P.l.c. is an independent oil and gas explorationcompany listed on the AIM market inLondon and on Dublin's IEX market. The Company was founded in 1997,but with roots going back to 1981 when its predecessor company,Atlantic Resources Plc was formed by a group of investors led by SirAnthony O'Reilly. Providence's active oil and gas portfolio includesinterests in Ireland (offshore), the United Kingdom (onshore), theUnited States (onshore and offshore) and West Africa (offshoreNigeria). Providence's portfolio is balanced between production,appraisal and exploration assets, as well as being diversifiedgeographically. Comprehensive information on Providence and its oiland gas portfolio, including all press releases, annual reports andinterim reports are available from Providence's website atwww.providenceresources.com.About FEL 2/04Providence holds a 56% interest and is operator of FEL 2/04, whichcovers blocks 35/8 & 9 situated in thePorcupine Basin, off the west coast of Ireland. The blocks aresituated in 300-400 metres of water and arelocated approximately 200 km off the coast. There are two confirmeddiscoveries in the licences, Spanish Point and Burren. Due to acombination of low commodity prices, high cost of development andlack of an indigenous gas market and infrastructure in the early1980's, neither of projects were declared commercial and the licencewas subsequently relinquished. Providence applied for and becameoperator of the Spanish Point licence in November 2004 - the licencehas a 15 year-term. At the licence applications stage, Providence wasjoined by Sosina as a 20% shareholder. In 2008, Chrysaor farmed intothe licence. The current shareholdings are Providence (56%) ChrysaorE&P Ireland Limited (30%) and Sosina Exploration Limited (14%).Spanish Point - 35/8-2Spanish Point was discovered in 1981 by Phillips Petroleum and aconsortium which included Atlantic Resources Plc, Providence'spredecessor company. The discovery well (35/8-2) flowed c. 1,000 BOPDand c. 5 MMSCFGPD (1,800 BOEPD) from one of four Upper Jurassicreservoir intervals within an overall c. 1,400 ft thick grosshydrocarbon bearing section. Providence has since carried out ageological and geophysical review which has supported and improved onthe 1981 post-drill analysis. Recent analysis based on the vintage 2Dseismic data suggests that the field has a median resource potentialof 1.4 TSCF and 160 MMBO (c. 400 MMBOE).About Burren - 35-8/1The Burren discovery well was drilled in 1978 by a group led byPhillips Petroleum. The discovery well (35/8-1) flowed c. 730 BPOD ofhigh quality 34o API from one of a number of thin Lower Cretaceoussands within a gross c. 400' hydrocarbon bearing interval. Theoriginal Jurassic target for the well was never penetrated due toincreased down-hole pressures and drilling was terminated at the topof the Jurassic. Imaging of the hydrocarbon bearing interval on 2Dseismic data has been difficult due to the presence of overlyingvolcanic units and so the extent of the oil resource potential ispoorly understood. In addition, the underlying Jurassic targetremains as a potential future well target as it was subsequentlyfound to be hydrocarbon bearing in the follow-up 35/8-2 well.Terms used in this AnnouncementMMBO Millions of Barrels of Oil BOPD Barrelsof Oil per DayBOEPD Barrels of Oil Equivalent per Day MSCFGD Millions ofStandard Cubic Feet of Gas per DayTSCF Trillion Standard Cubic Feet of GasAnnouncementIn accordance with the AIM Rules - Guidance for Mining and Oil & GasCompanies, the information contained in this Announcement has beenreviewed by John O'Sullivan, Exploration Manager, ProvidenceResources P.l.c. John holds a B.Sc. in Geology from UniversityCollege Cork, Ireland, an M.Sc. in Applied Geophysics from theNational University of Ireland, Galway and a M.Sc.in TechnologyManagement from The Smurfit School of Business at University CollegeDublin. John is presently working part-time on a PhD dissertation atTrinity College, Dublin. John has worked in the offshore business for19 years and is a fellow of the Geological Society of London.Definitions in this press release are consistent with SPE guidelines.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.10.2009 - 08:01 Uhr
Sprache: Deutsch
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