Exploration company Providence Resource announced today that initial analysis of 3D seismic data acquired this summer over its Spanish Point licence off the west coast of Ireland, has revealed resource upside.
The data indicates potential for further hydrocarbon-bearing reservoir above the discovery well on the Spanish Point structure.
Providence said the discovery well flowed 1,000 barrels of oil per day (bopd) and 5 mmscfd million standard cubic feet per day (mmscfd) from one of four Upper Jurassic reservoirs when tested back in 1981. 3D seismic data also suggest that the risk of compartmentalisation on the Spanish Point structure is to the downside.
The Spanish Point licence is situated in the Main Porcupine Basin about 200km off the west coast of Ireland. It is and is operated by Providence on behalf of its partners, Chrysaor E&P Ireland and Sosina.
Providence, which is led by Tony O'Reilly jnr, is focused on producing natural gas from wells in Britain and the Gulf of Mexico, and exploring for oil and gas off the Irish and Nigerian coasts,
”We are very pleased with the initial findings from this 3D survey which exceed our expectations. Whilst more work needs to be done to fully evaluate these 3D seismic data, the initial results substantially enhance our overall views on Spanish Point. Of particular significance is the identification of additional potential reservoir up-dip from the discovery well - this indicates significant resource upside in terms of gas in place," said Mr O'Reilly.
