17th Jul 2015 07:37
LONDON (Alliance News) - Providence Resources PLC on Friday said new seismic surveys conducted at its Frontier Exploration Licence 2/14 in the South Porcupine Basin offshore Ireland has identified the presence of a large ultra-deep pre-Cretaceous ridge.
The internal seismic reflectivity seen in the surveys is consistent with a Mesozoic sedimentary section, Providence said.
"These new 3D seismic data have significantly enhanced the pre-Cretaceous imaging within FEL 2/14 and confirm the presence of the large pre-Cretaceous Diablo Ridge with its notable crestal fluid escape feature," said Providence Technical Director John O'Sullivan.
"We believe that the encouraging initial results from the Polarcus multi-client 3D seismic survey have more than vindicated our decision in 2014 to underwrite this survey over FEL 2/14 and the surrounding area," O'Sullivan added.
Shares in Providence were down 0.5% to 22.77 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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