Providence Resources provides a technical update on its Lower Cretaceous Drombeg exploration prospect in the southern Porcupine Basin, offshore south-west Ireland. The Drombeg prospect, which is situated in Frontier Exploration Licence (FEL) 2/14, has been previously mapped as a significant Lower Cretaceous stratigraphic amplitude/AVO supported exploration target. The prospect is located in c. 2,500 metre water depth and is c. 220 kilometres off the west coast of Ireland. FEL 2/14 is operated by Providence (80%) on behalf of its partner Sosina Exploration (20%).
In 2014, Polarcus MC Limited ('Polarcus') acquired a c. 4,435 km2 non-exclusive multi-client 3D seismic survey over the Drombeg prospect and surrounding area, of which Providence has licenced c. 2,247.5 km2 of data. Polarcus will be presenting an initial evaluation of this new dataset at the APPEX Global 2015 conference in London on March 3rd 2015.