Providence Resources had agreed to acquire Atlantic Petroleum’s 4% stake in frontier exploration license (FEL) 3/04 in the southern Porcupine Basin offshore Ireland, Providence Resources said in a news release.
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%, the release said.
The current principal prospect within FEL 3/04 is the interpreted Lower Cretaceous Dunquin South carbonate prospect, Providence said in the release. The ExxonMobil operated 44/23-1 Dunquin North exploration well, which was drilled in FEL 3/04 during 2013, encountered an approximately 44-m residual oil column in a massive porous over-pressured Lower Cretaceous carbonate reservoir, the release said.
Recommended Reading
How Diversified Already Surpassed its 2030 Emissions Goals
2024-04-12 - Through Diversified Energy’s “aggressive” voluntary leak detection and repair program, the company has already hit its 2030 emission goal and is en route to 2040 targets, the company says.
BKV CEO Chris Kalnin says ‘Forgotten’ Barnett Ripe for Refracs
2024-04-02 - The Barnett Shale is “ripe for fracs” and offers opportunities to boost natural gas production to historic levels, BKV Corp. CEO and Founder Chris Kalnin said at the DUG GAS+ Conference and Expo.