18th Aug 2014 08:14
LONDON (Alliance News) - Providence Resources Monday said it has started 2D seismic surveying operations at the Newgrange prospect area in the Goban Spur basin off the south west coast of the Republic of Ireland.
The survey is being carried out by Polarcus MC Ltd and Seabird Exploration and will provide 2,500 line kilometres of long offset 2D seismic reflection data in the Newgrange area.
Providence holds an 80% stake in the licence as the operator, with partner Sosina Exploration holding a 20% stake.
The commencement of the new surveying project comes after the firm last week said it had started 3D seismic surveying at the Spanish Point South licence in the northern Porcupine Basin, offshore west of the Republic of Ireland.
"Providence is very pleased to anchor yet another seismic acquisition programme off the west coast. This survey, in tandem with the two 3D seismic acquisition programmes currently being acquired over our Drombeg prospect and our Spanish Point South prospects, will give valuable new data over the North and South Porcupine basins, as well as the Goban Spur Basin," said John O'Sullivan, technical director at Providence.
"These activities demonstrate our major commitment to the exploration of the Ireland's highly prospective Atlantic Margin basins and will provide valuable proprietary new data in advance of the upcoming licensing round," O'Sullivan added.
Providence shares were trading 5.4% lower at 121.55 pence Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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