Providence Resources provides technical update on Licencing Option 16/27 in the Porcupine Basin, offshore Ireland
Monday, Jul 17, 2017
Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (“Providence”), today provides a technical update regarding Licensing Option 16/27 (“LO 16/27”) which is located in the central Porcupine Basin, offshore Ireland and is currently operated by Providence. Following the recently announced farm-in transaction (ref. RNS dated June 7, 2017) with TOTAL E&P IRELAND B.V., a wholly owned subsidiary of TOTAL S.A., which is subject to the Consent of the Minister of State at the Department of Communications, Climate Action and Environment, the resultant LO 16/27 joint-venture will comprise TOTAL E&P Ireland B.V. (50%, Operator), Providence (40%) & Sosina Exploration Limited (10%), collectively referred to as the “JV Partners”.

On behalf of the JV Partners, Providence has recently provided the Petroleum Affairs Division of the Irish Government’s Department of Communications, Climate Action and Environment with its End of Year 1 LO 16/27 Technical Report which was focused on the hydrocarbon potential of the Paleocene “Avalon” prospect.

A large scale calibrated Petroleum Systems Model (PSM, c. 48,000 km2), which included the LO 16/27 area, supports the potential of a working petroleum system in LO 16/27 and demonstrates that the Avalon prospect could potentially access a total hydrocarbon resource charge of c. 8.67 BBO and c. 21.43 TSCF (equivalent to c. 12 BBOE). Whilst petroleum systems modelling in emerging frontier basins have inherently high degrees of uncertainty, the results of this study are directionally very positive for the potential charging of the Avalon prospect.

Further positive outputs from the PSM indicate that the risk of oil biodegradation in the Avalon prospect is low to moderate based on the modelled temporal variations in reservoir temperature. In addition, top seal integrity for the Avalon prospect was also assessed using inputs from both the PSM and a parallel basin-wide geo-mechanical modelling study. This work has positively demonstrated that there is a very low likelihood of a mechanically breached seal at Avalon based on modelled pore pressures.

Speaking today, Dr John O’Sullivan, Technical Director of Providence said:

“The work completed during the first year of Licensing Option 16/27 has confirmed our view as to the significant hydrocarbon resource potential of the Paleocene “Avalon” prospect. Whilst the nearby 53/6-A well programme is currently assessing the similar-aged Paleocene “Druid” stratigraphic prospect, as well as the deeper Lower Cretaceous “Drombeg” prospect, Avalon is somewhat differentiated insofar as it demonstrates a potentially different trapping mechanism with structural closure mapped in the proximal sediment transport direction. The proximity of Avalon to the deeper breached “Dunquin North” oil accumulation is also a potential positive in terms of hydrocarbon sourcing.

We look forward to working with our JV Partners to mature the Avalon prospect to drillable status.”

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