Providence Resources has signed a strategic and incentivised exploration collaboration agreement with Schlumberger in respect of the southern Porcupine and Goban Spur Basins, in which Schlumberger will underpin Providence's technical team with specific 'state of the art' technology access.

The main themes to be addressed through the collaboration agreement with Schlumberger are the burial and hydrocarbon expulsion history of the southern Porcupine and Goban Spur Basins, together with a regional top seal capacity analysis. This joint study has been primarily designed to further de-risk the Dunquin South, Drombeg, Druid and Newgrange exploration prospects, together with any new acreage acquired in the area. Schlumberger will also support Providence in facilitating farm-out data-room processes for the Drombeg, Druid and Newgrange prospects, which are expected to commence during Q1 2016.

Tags: Providence Resources Plc, Schlumberger Limited