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Providence Resources gives technical update

By BFN News | 08:13 AM | Thursday 17 April, 2014


Providence Resources, the Irish oil and gas exploration and development company, provides an update on Licensing Option 11/11 (Newgrange). Providence Resources (80%, Operator) and Sosina Exploration (20%) were awarded Newgrange as part of the 2011 Irish Atlantic Margin Licensing Round. The Newgrange area lies in c. 1,000 metre water depth in the Goban Spur Basin and is c. 260 km off the south west coast of Ireland. "Having made the mandatory 25% areal relinquishment, the Newgrange partners have been offered a follow-on Frontier Exploration Licence (FEL) 6/14 by the Minister of State at the Department of Communications, Energy and Natural Resources," Providence said. "The principal element of the forward work programme is the acquisition of a 1,000 km 2D seismic survey over the area and survey planning has already commenced. Subsurface studies carried out during the licence option period highlighted clastic and carbonate exploration prospectivity within the Jurassic and Cretaceous intervals respectively," it said. "Seismic interpretation of 2D reflection profile data have revealed the presence of two large stacked four-way structural closures at both Base Cenozoic (Top Cretaceous) and Base Cretaceous levels covering a c. 1000 km2 area," it said. "The previously drilled 62/7-1, which is located c. 30 km from the Newgrange prospect and was drilled down-structure, encountered hydrocarbon shows in sands of Lower Jurassic age." At 8:13am: (LON:PVR) Providence Resources PLC share price was +2.5p at 204p Story provided by StockMarketWire.com

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