"The Government have clearly sent the message to Shell, ‘you can do whatever you want’. Fortunately due to protest, the refinery remains unconnected to the gas field. If, as Shell planned, gas had been flowing by now, we would potentially all be dealing with a gas leak and explosion.”
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SmallCapNews Providence Resources (LON:PVR) has reported that initial analysis of its new acreage in the Slyne Basin off the west coast of Ireland, has shown exciting gas potential.
Licensing Option 11/12 is located in c. 300 metre water depth in the Slyne Basin, approximately70km offshore and was awarded as part of the 2011 Atlantic Margin Licensing Round. The initial technical evaluation of the licence has revealed the presence of the “Kylemore” and “Shannon” prospects which are similar in age to the nearby Corrib gas field.
Providence (66.66%) operates LO 11/12 on behalf of its partner First Oil Expro Ltd (33.33%).
The Kylemore prospect lies 20km south-west of the Corrib gas field and is interpreted as a mid-basinal inverted four way dip-closed anticline based on a combination of 2D and 3D seismic data. The most recent mapping of the Kylemore prospect indicates that it is structurally directly analogous to the Corrib gas field. Volumetric analysis based on available Kylemore prospect maps indicates a potential gas in place of up to 228 billion standard cubic feet.
The Shannon structure, which is fully covered by 3D seismic data, is situated 10 km south-west of the Corrib gas field. Enterprise Oil (now part of Shell) drilled the 18/25-2 exploration well on the Shannon prospect in 1999, however the Corrib reservoir was not encountered. Enterprise subsequently interpreted the reservoir to be faulted out at the well location. As Enterprise’s pre-drill map demonstrate a significant structural closure covering 23 sq km (the 1 TSCF Corrib Field covers c. 15 sq km), the LO 11/12 partners believe that Shannon warrants a complete re-evaluation in the context of any remaining resource potential.
John O’Sullivan, technical director at Providence, said: “Initial work on our new acreage in the Slyne Basin has demonstrated exciting gas potential. We plan to apply modern seismic processing technologies to the available 3D seismic data in order to better quantify any remaining resource potential in the area. This is Providence’s first licence authorisation in the area and we are delighted to be working on the project with First Oil, the largest UK privately owned North Sea oil & gas producer.”
Posted Date:
20 April 2012