Providence Resources has been offered a new licensing option (the 'Option') in the South Celtic Sea Basin, offshore southern Ireland by the Irish Department of Communications, Energy & Natural Resources. The 18-month Option is situated in c. 100 metres of water and is c. 130 km off the south coast of Ireland. The Option covers 2 offshore blocks and 7 part-blocks totalling a c. 1,530 square kilometre area and is located in the south-western sector of the South Celtic Sea Basin.
Initial seismic interpretation and mapping of existing vintage 2D data has identified a number of structures including a significant mid-basinal Mesozoic anticlinal closure (named 'Silverback'). Petroleum systems analyses suggest that this structure may be prospective for the stacked entrapment of hydrocarbons in possible Lower Triassic, Lower Jurassic and Lower Cretaceous reservoir intervals. The primary source rocks in the basin are considered to be Lower Jurassic oil prone marine shales which have been previously proven by exploration drilling in the north-eastern part of the basin and which are oil generative in the adjacent North Celtic Sea and Fastnet Basins.