Providence Resources agreed to acquire Atlantic Petroleum’s 4% stake in frontier exploration license (FEL) 3/04 in the southern Porcupine Basin offshore Ireland. As a result of the transaction, which is still subject to ministerial approval, Providence’s equity in FEL 3/04 will increase from 16% to 20%, Providence Resources said.
The current principal prospect within FEL 3/04 is the interpreted Lower Cretaceous Dunquin South carbonate prospect, according to Providence. The ExxonMobil-operated 44/23-1 Dunquin North exploration well, which was drilled in FEL 3/04 during 2013, encountered a 44m residual oil column in a "massive" porous over-pressured Lower Cretaceous carbonate reservoir, states Providence.
Atlantic Petroleum farmed into the South Porcupine Basin license in May 2013. In April 2013, drilling commenced on the Dunquin North 44/23-1 well. According to Atlantic, the well penetrated a 249m of the carbonate Cretaceous target within prognosis and was drilled to a total depth of 5000m. Petrophysical analysis of the well logs indicates an upper zone of 44m that has residual hydrocarbon saturations in the reservoir. The results from the well are still being evaluated and their impact on the Dunquin South structure being assessed, reports Atlantic Petroleum.
Image:FEL 3/04, Dunquin, and Blocks 44/18,23,24,29 and 30 / Atlantic Petroleum
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