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Providence Resources said the initial findings of a site survey off the Irish coast support the "potential presence" of an active petroleum system.
The Site Study on the Frontier Exploration License ("FEL") 6/14 contains Newgrange's perspective and is located in approximately 1,000 m of water depth being approximately 260km off the southwest coast of Ireland. The Irish oil and exploration company has confirmed that an initial badysis of the seafloor data at the proposed Newgrange site has confirmed the presence of more than 100 pockmark characteristics.
The company said that there are a number of reasons are present and that these characteristics of the wake of the seabed are interpreted by the group as being the result of a fluid infiltration coming from the underlying geology.
"We are pleased to confirm the safe and successful completion of the prospecting operations at the Newgrange site," said Dr. John O. Sullivan, Technical Director of Providence,
"Early Results support the potential presence of an operational oil system in the Newgrange prospect area.We are particularly pleased with the results, as we had hoped to see signs of fluid seepage given the superficial nature of the Newgrange prospect. "
The group, known as Newgrange Partners, also confirmed that the discussions leasing the equity in Newgrange's license to third parties is continuing
" We also continue to ensure the liaison with potential joint venture partners and this new data will undoubtedly give new impetus to these discussions. "
The Newgrange site is operated by Providence, on behalf of its partner Sosina Exploration, which holds a 20pc stake.
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