Offshore Ireland focused Providence Resources is narrowing its focus on to the Polaris oil prospect after a survey over its Rathlin Basin license.
The firm has relinquished some 70% of the 100% operated license, P1885, containing Polaris, in order to “minimize ongoing costs,” and focus on Polaris.
A recent assessment of satellite oil seep data over the license showed two large seeps about 3.5km northwest of Polaris. According to Providence, the seeps appear to be related to faulting and may provide direct evidence of active oil migration from potential Lower Carboniferous source rocks.
A separate onshore appraisal well on the Rathlin Energy-operated Ballinlea oil discovery, located in the adjacent onshore exploration license to P1885, will help inform future drilling activities in P1885.
John O’Sullivan, Technical Director of Providence said: “We believe that the presence of naturally occurring surface seeps confirms that oil generation and migration from depth is occurring within our Rathlin Basin exploration license area. It is particularly notable that these seeps appear to be associated with structures within our primary Polaris prospect area. The future drilling activity planned for the onshore Ballinlea oil discovery should only further enhance the exploration potential of this basin in general and our offshore license in particular.”