Providence Excited About Slyne Basin Prospects

Irish-based Providence Resources has identified two "exciting" gas prospects in the Slyne Basin off the west coast of Ireland, similar in age, it says, to the Corrib gas field.

A technical examination of the Slyne Basin, which is located about 70 kilometres off the west of Ireland, has revealed two prospects, the Kylemore and Shannon prospects, which are in close proximity to the Corrib gas field; the Kylemore prospect lies 20 kilometres southwest of the Corrib gas field while the Shannon prospect lies 10 kilometres, also south west to Corrib.

Providence says that a technical examination of the Kylemore prospect is directly analgous to the Corrib gas field and may have reserves of up to 228 billion square cubic feet. Both 2D and 3D seismic date from the Kylemore indicates that it is a mid-basinal inverted four way dip-closed anticline, the company says.

The company says that is planning to re-evaluate the Shannon prospect, despite drilling on the prospect in 1999 by Enterprise Oil (now a part of Shell) which failed to yield any results. The Corrib reservoir was not encountered at that time and Enterprise subsequently interpreted the well to be faulted out at that location.

Providence says it will continue to examine the basin to identify its potential.

"Initial work on our new acreage in the Slyne Basin has demonstrated exciting gas potential," Technical Director at Providence John O'Sullivan said. "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."

Providence is the operator of the basin with a 66.66 per cent stake. First Oil Expro holds the remaining 33.33 per cent stake.