Providence Resources PLC (LON:PVR) has told investors that technical director Dr John O’Sullivan will present a paper regarding Frontier Exploration Licence (FEL) 3/04, in the Atlantic margin, off Ireland’s west coast.
FEL 3/04 includes the undrilled Lower Cretaceous "Dunquin South" carbonate exploration prospect, and is adjacent to the area which hosted the previously drilled Dunquin North well.
Providence has a 26.84% stake in FEL 3/04 which is operated by ENI and also includes partners Repsol and Sosina. The presentation is due to be uploaded to the company’s website.
It is one of a number of exploration areas held by Providence in Ireland’s Atlantic waters, a region that’s increasingly seen as a ‘hot spot’ for new potentially high impact exploration.
Last year, Providence took part in a drill programme albeit it didn’t unearth a discovery and it is anticipated that new wells are being planned by explorers in the region, drilling is likely to start in 2019.
In the Celtic Sea, meanwhile, the company recently secured a partnership agreement with a Chinese consortium which will see the Barryroe oil field advance to development and ultimately production.
At Barryroe, the next phase of appraisal drilling is expected to kick off in 2019.