Proactive Investors - Run By Investors For Investors

Providence Resources set for summer seismic shoot at Newgrange

As farm-out talks continue, Providence is advancing the Newgrange prospect with a seismic programme as a precursor to a future exploration well.
Providence Resources set for summer seismic shoot at Newgrange
Exploration drilling is planned

Providence Resources PLC (LON:PVR) has updated investors on it exploration plans for the Newgrange project, off Ireland’s West Coast.

The Newgrange exploration partners have now hired Gardline to carryout a new 2D seismic data gathering programme, to examine the crest of the prospect and to provide additional data to support permitting for a future exploration well.

It is expected that Gardline’s M/V Kommandor vessel will conduct the data acquisition programme during the third quarter of this year, subject to regulatory consent.

WATCH: Providence keen to move ‘aggressively’ on Barryroe

In the meantime, Providence highlighted that it is continuing commercial talks with potential farm-in partners for the exploration project.

"We are pleased to announce the award of the 2018 Newgrange data acquisition programme to Gardline and look forward to commencing operations during the summer months,” said Dr John O’Sullivan, Providence technical director.

“The Newgrange prospect provides significant stacked exploration potential at both Jurassic and Cretaceous levels with proven source, reservoir and seal demonstrated in the previous off-structure 62/7-1 exploration well.”

O’Sullivan added: “The relatively shallow nature of the reservoir intervals also means that this data acquisition programme may provide even further insight to de-risk the potential presence of hydrocarbons within the subsurface prior to drilling."

View full PVR profile View Profile

Providence Resources PLC Timeline

Related Articles

April 16 2018
"Our annual independent updated reserves report reinforces the potential of our quality and well positioned asset base in China,” said chairman Randeep Grewal
Offshore oil operations
April 03 2018
United is growing its oil and gas business through relatively low-risk assets in Europe, meanwhile, big-bang exploration offshore Jamaica could prove to be a game changer
June 22 2018
The firm is focused on assets with upside potential in Texas and New Mexico - notably in the Permian basin, a huge producing area for oil and gas

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use