Irish oil explorer Providence Resources has agreed to a license deal with seismic firm Searcher Seismic covering its Newgrange prospect in the southern Porcupine basin.
Searcher had already announced a major new multi-client 3D seismic program, due to start in summer 2016, subject to regulatory approvals.
The total seismic acquisition program is planned to cover a large area in the southern Porcupine & Goban Spur Basins, offshore south-western Ireland.
Part of this planned non-exclusive multi-client survey will cover the Newgrange exploration prospect, in Frontier Exploration License (FEL) 6/14.
The Newgrange License, which is in about 1000m water depth and about 260km off the south-west coast of Ireland, is operated by Providence Resources (80%) on behalf of its partner Sosina Exploration Limited (20%).
Under the terms of a recently executed agreement, Providence and Sosina have agreed to license a total of 1200sq km of data from Searcher from this planned survey, which will provide full 3D seismic coverage over the Newgrange License.
John O’Sullivan, Technical Director of Providence said: “Providence’s cornerstone involvement has been integral in allowing Searcher to plan such a regionally extensive 3D seismic acquisition program. We expect, should this survey proceed as planned, that these new high resolution 3D data over our Newgrange prospect will confirm the potential within the Cretaceous section, which had been identified through the previous 2D seismic and facilitate future planning for the prospect. These new data should also allow us to evaluate the potential in the underlying vertically stacked Jurassic, where significant addition exploration prospectivity has also been identified.”
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