Providence Resources PLC
13 October 2005
Providence Resources P.l.c
12 October 2005
PROVIDENCE COMMENCES MAJOR IRISH OFFSHORE SEISMIC SURVEY
Providence Resources Plc ('Providence') is today pleased to announce the
commencement of a major new Irish offshore seismic survey using a new 'long
offset' technique, which can vastly improve imaging and hydrocarbon detection.
The survey, which is being used for the first time in the Celtic Sea, will focus
on a number of the Company's existing oil and gas field assets and will be
carried out by Fugro Data Services AG and TGS-NOPEC Geophysical Company ASA. The
survey is being partially underwritten by Providence.
This first phase of the survey is expected to target specific structures
including Ardmore, Hook Head and Blackrock. In addition, the survey will provide
increased definition on the Pegasus, Dionysus and Apollo prospects in the St
George's Channel Basin, where Providence holds a dominant acreage position
adjacent to the Marathon-operated Dragon gas field.
A second survey phase is envisaged for 2006, which will involve a further 2,500
km of 2D seismic data collection, including some of Providence's large prospects
in the Porcupine Basin off the west coast of Ireland.
Commenting on the survey, Chief Executive, Tony O'Reilly Jnr said:
'This new survey technique has already resulted in a noticeable increase
in exploration success in the North Sea and we are delighted to be
pioneering its use offshore Ireland. This is an exciting and important
step in progressing towards drilling and development of Providence's
many assets.'
Contacts:
Providence
Tony O'Reilly Jnr. (Chief Executive) Tel: +353 1 667 5740
Powerscourt Tel: +44 (0) 207 236 5615
Victoria Brough Mob:+44 (0) 7967 044 840
Murray Consultants
Pauline McAlester Tel: +353 1 498 0300
NOTES TO EDITORS
About Survey
The 'Northern Explorer' vessel mobilised from Den Helder, Holland on 12th
October 2005 and is expected to acquire approximately 1,500 km of 2D seismic
data in the North Celtic Sea and St. George's Channel Basins during 2005.
The new survey involves the use of a new 'Long Offset' technique where an 8
kilometre long receiver streamer is towed behind the seismic surveying vessel.
This new technique, which has not previously been deployed offshore Ireland,
vastly improves imaging and direct hydrocarbon detection, and presently is
creating a renaissance in North Sea exploration.
Partners in this survey are:
Providence Resources Plc
Fugro Data Services AG
TGS-NOPEC Geophysical Company ASA
Island Oil and Gas Plc.
About Providence Resources
Providence's active oil and gas portfolio includes interests in Ireland
(offshore), the UK (onshore and offshore) and West Africa (offshore Nigeria).
Providence's portfolio is balanced between production, appraisal and exploration
assets, as well as being diversified geographically.
Comprehensive information on Providence and its oil and gas portfolio, including
its AIM Admission document and Annual Report 2004, are all available from
Providence's website at www.providenceresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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