Providence, the AIM and Dublin IEX listed oil & gas exploration and production company, today announces that it has awarded a comprehensive 2-D and pseudo 3-D seismic survey contract to Gardline Geosurvey Ltd over specific assets within its Celtic Sea and St George's Channel Basin licence portfolio. Expected to commence within the next month, the programme will provide a total of 500 km of high resolution 2-D seismic data on the Hook Head and Pegasus structures, together with a 16 sq km pseudo 3-D seismic survey over the Ardmore gas field. The survey is planned to take approximately 3 weeks to acquire.
Commenting on today's announcement, Tony O'Reilly jnr, Chief Executive of Providence Resources P.l.c. said:
"We have an active period ahead. These seismic surveys are an important step in assessing Providence's asset development programme for its portfolio of prospects in the Celtic Sea and St George's Channel. The results will allow us to better define future work programmes, including specific drilling and development locations.
Providence's active oil and gas portfolio includes interests in Ireland (offshore), the UK (onshore and offshore) and West Africa (offshore Nigeria). Providence's portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically.
Recent corporate announcements include;
- 20% Farm-out Deal agreed with CMI on Celtic Sea Licences (announced September 5th, 2006)
- Completion of Dunquin Seismic (announced on August 8th, 2006)
- Dunquin Farm-out to ExxonMobil (announced on February 13th, 2006)
- €50 million Revolving Credit Facility with Macquarie (announced on February 2nd, 2006)
- and increased production at its Singleton oilfield (announced March 7th, 2006).
