OilVoice - Providence Commences Development Feasibility Study Offshore Ireland

Providence Commences Development Feasibility Study Offshore Ireland

Friday, May 07, 2010

Study to assess minimal facilities unmanned buoy development concept for the Helvick field

Providence Resources P.l.c., the Irish oil and gas exploration and production company, whose shares are listed in London (AIM) and Dublin (IEX), announces that it has agreed to work with Unmanned Production Buoy Limited ('UPB') in assessing the development feasibility for a minimal facilities unmanned buoy development of the Helvick oil field in the North Celtic Sea Basin, offshore Ireland.

The Helvick field is located in Standard Exploration Licence (SEL) 2/07 and is situated some c. 40 kilometers off the south coast of Ireland in c. 80 metre water depth. Providence holds a 72.5% operated interest in SEL 2/07 with partners Atlantic Petroleum (18.3%) and Sosina Exploration (9.2%). Providence operates its interest in the Helvick field through its special purpose vehicle EXOLA Limited. UPB is an Aberdeen based business established to pursue the development, construction and deployment of unmanned production systems.

Speaking today, Tony O?Reilly, Chief Executive of Providence, said:
'We are very excited to be working with UPB on assessing whether their unmanned production buoy concept has an application at the Helvick field. The successful application of this new technology, combined with the existing well infrastructure in a high oil price environment, could help to unlock the value of Helvick and herald Ireland?s first oil development project.'

Richard Selwa, Chairman and Founder of UPB, said:
"We welcome the opportunity to work with Providence in realising the potential that the Helvick field has to offer. Our unique unmanned production buoy system brings a number of proven technologies together and has the potential to unlock billions of dollars worth of otherwise unexploited oil from the world's marginal fields or tail end discoveries.'

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