Providence Resources is pleased to provide an update on Frontier Exploration Licence 3/04, which lies in c. 1,500 metre water depth in the southern Porcupine Basin and is c. 170 km off the south west coast of Ireland. The current principal prospect within FEL 3/04 is the interpreted Lower Cretaceous Dunquin South carbonate prospect (1.389 BBOE REC Pmean).
The ExxonMobil operated 44/23-1 Dunquin North exploration well, which was drilled in FEL 3/04 during 2013, encountered a c. 44 metre residual oil column in a massive porous over-pressured Lower Cretaceous carbonate reservoir.
Providence has agreed to acquire (for a nominal consideration) Atlantic Petroleum's 4.0% stake in FEL 3/04. As a result, and subject to Ministerial approval, Providence's equity in FEL 3/04 will increase from 16% to 20%.