Providence Resources received the initial results from seismic surveys conducted on the Ruadhan prospect off the coast of Ireland, the Irish independent said today.

Survey sees new hope on Ruadhan prospect

Ireland

DUBLIN, January 29, 2016 – Providence Resources received the initial results from seismic surveys conducted on the Ruadhan prospect off the coast of Ireland, the Irish independent said today.

The formation is located 150 km from Ireland’s west coast in the northern Porcupine Basin, 20 km south of the upper Jurassic Spanish Point gasfield.

“When taken in tandem with the previous studies carried out on our adjacent acreage, this latest interpretation supports the potential existence of an extensive and material Upper Jurassic gas condensate structural play fairway across the northeastern flank of the Porcupine Basin,” Providence’s technical director John O’Sullivan said.

The data also shows that the earlier Shell-operated drilling that targeted the prospect in 1977 failed to reach the target due to operational complications.

Scottish exploration company Cairn Energy, the operator of Spanish Point, owns the FEL 1/14 license and plans to begin activity on the project in 2017, following government approval.