Providence Resources provides a technical update on Frontier Exploration Licence 2/14 in the southern Porcupine Basin, offshore south-west Ireland. FEL 2/14 is located in c. 2,500 m water depth being c. 220 km off the west coast of Ireland and is operated by Providence (80%) on behalf of its partner Sosina Exploration (20%). The licence is located c. 70 km south-west of the 2013 ExxonMobil-operated 44/23-1 Dunquin North exploration well (Providence, 16%) which encountered a c. 44m residual oil column in Lower Cretaceous carbonates.
Providence has recently completed an initial assessment of the Paleocene section within FEL 2/14 using the newly acquired Polarcus MC3D seismic reflection data. This interpretation has confirmed the presence of a large c. 400 km2 Paleocene deep-water fan system, called 'Druid', within FEL 2/14 which had been apparent on the previous 2D long offset seismic profiles. Druid is the second large prospect to be identified in FEL 2/14, following the previously identified Lower Cretaceous Drombeg prospect (estimated P50 prospective resources of 1.050 BBOE REC).