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Providence Resources has stated that the first results of a site survey off the Irish coast support the "potential presence" of a functioning oil system.
The site survey on the Frontier Exploration License ("FEL") 6/14 contains the Newgrange prospect and is located at approximately 1,000m water depth being approximately 260km from the southwest coast of Ireland. The Irish Petroleum and Exploration Company confirmed that an initial badysis of the seafloor data on the proposed Newgrange well locations confirmed the presence of more than 100 pockmark characteristics.
The company said that there are several 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 subterranean geology core.
"We are pleased to confirm the safe and successful completion of the Newgrange site's prospecting operations," said Dr. John O. Sullivan, Technical Director of Providence,
"Early results support the potential presence of an operational oil system In the prospected Newgrange area, we are particularly pleased with the results, as we had hoped to see signs of fluid seepage given the shallow depth of the Newgrange prospect. 19659005] The group, known as Newgrange Partners, also confirmed that discussions on a possible leasing of equity in Newgrange's license to third parties are continuing.
"We also continue to liaise with the potential interested joint venture partners and these 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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