A group of AIM-listed oil explorers have kicked off a 3D seismic exploration programme in the Celtic sea.
Providence Resources (LON:PVR) is the operator and it has a 50 percent stake in venture, while Lansdowne Oil & Gas (LON:LOGP) and San Leon Energy (LON:SLE) own 20 and 30 percent respectively.
The survey is part of the venture’s preparation work ahead of a development drilling programme on the Barryroe oil discovery in the north Celtic Sea. The seismic programme will take about 2 weeks to complete.
“The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe,” Providence said.
The Barryroe drill programme has been pencilled in for this summer. The partners have already contracted the GSF Arctic III semi -submersible rig.
Lansdowne will take over the Polarcus vessel after the Barryroe survery, for three more surveys of its own on the Rosscarbery, Amergin and Midleton prospects in the North Celtic Sea. Together these three targets cover around 300 square kilometres.
The work on Barryroe is the first step in a major development programme that being led by Providence. It is s fully funded to carry out a two-year, US$120 million programme (up to US$500 million gross) of drilling that could utterly transform the company’s prospects – and the Republic of Ireland’s oil and gas industry.
It plans to drill up to ten wells (including sidetracks) in six separate basins and, if all goes to schedule, the programme will be largely complete by the end of 2012.
The campaign kicks off with a double header this summer as the group begins the development of the Barryroe and Hook Head oil discoveries in the Celtic Sea. Following shortly after Barryroe is a re-drill of Hook Head, which was first discovered in 1971. Here Providence owns 72.5 percent and like at Barryroe, it is the operator of the field.
From these two development plays, the group will then move on to two exploration plays – Dalkey Island, off the coast of Dublin and Rathlin Island, off the north-eastern corner of Northern Ireland. Moving into next year and the emphasis changes from east coast to the west, and Providence is heading very much further offshore in the pursuit of oil and gas.