Providence Resources PLC (LON:PVR) has detailed encouraging technical insights regarding the large Dunquin South prospect, in the Porcupine Basin, offshore Ireland.
It follows the completion of the initial evaluation of new 3D seismic, shot last year, which has improved the explorer’s understanding of the area.
Firstly, the data confirms the presence of the previously mapped Dunquin South prospect which is located in the vicinity of the previously drilled Dunquin North well (which encountered evidence of a residual oil column but was not a ‘discovery’).
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Perhaps more significant is that the new seismic has shown what Providence described as “a large and significant potential fluid escape feature” evident at Dunquin North, but, no such feature is visible at the untested Dunquin South target.
"The new 3D seismic data over FEL 3/04 are greatly enhancing our understanding of the exciting exploration potential of this block,” said Dr John O’Sullivan, Providence technical director.
“The presence of a major chimney over Dunquin North has been identified as the main reason for prospect failure.
“It is obviously highly encouraging that no such feature has been identified over Dunquin South, which we believe substantially de-risks this exciting exploration prospect.”
O’Sullivan added: “In addition, the data are suggesting a sedimentary versus volcanic origin for the erstwhile enigmatic Dunquin Ridge, which itself may provide another very significant stacked exploration target for a future Dunquin South well."
Providence owns a 26.8% stake in Frontier Exploration Licence 3/04, which hosts Dunquin South. Its partners in the venture comprise Eni (operator), Repsol, and Sosina Exploration.