22nd Sep 2014 14:20
LONDON (Alliance News) - Providence Resources PLC Monday said it is pleased with the conclusion of 3D surveys carried out by Polarcus MC Ltd on its Drombeg oil exploration prospect, situated in the southern Porcupine Basin offshore south-west Ireland.
Providence has agreed to licence around 1,100 kilometres of 3D seismic data over Drombeg, which is being acquired by Polarcus as part of a non-exclusive multi-client survey.
In a separate statement Monday, Polarcus said it has successfully completed the acquisition of a major new 3D broadband multi-client project in the southern Porcupine Basin.
The extensive survey, undertaken in partnership with ION GeoVentures, saw the 3D seismic vessel Polarcus Amani tow an ultra-wide 1,350 metres receiver array comprising ten 2 hertz solid digital streamers of 8,100 metres length.
This large seismic spread, towed at 14 metres to maximise weather uptime, enabled the vessel to cover 4,300 square kilometers in 73 days within a challenging Atlantic frontier environment, Polarcus said.
A preliminary data volume from the 3D survey is expected to be available by the end of 2014, with the final data available in March 2015, ahead of the closing date for license round applications of September 16, 2015.
Providence said the regional 2D seismic acquisition survey, which is nearing completion, will provide coverage over its Newgrange exploration prospect, situated in the Goban Spur Basin, off the south west coast of Ireland.
Commenting on Polarcus' statement, John O'Sullivan Technical Director Of Providence said: "We are very pleased to note the conclusion of these surveys, which will provide valuable new data on these two significant exploration prospects, as well as giving us access to new regional data which will put us in a leading position to evaluate the remaining exploration potential in these basins in advance of the upcoming licensing round."
Providence Resources shares were quoted up 1.3% at 121.50 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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