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Providence provides update on Licencing Option 16/27

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Oilfield Technology,

Providence Resources P.l.c. (Providence) has provided a technical update regarding licensing option 16/27 (LO 16/27), which is located in the central Porcupine Basin, offshore Ireland and currently operated by the company.

Following a farm-in transaction with TOTAL E&P IRELAND B.V., the resultant LO 16/27 joint-venture will comprise TOTAL E&P Ireland B.V. (50%, operator), Providence (40%) and Sosina Exploration Limited (10%), collectively referred to as the ‘JV partners’.

On behalf of the JV partners, Providence has recently provided the Petroleum Affairs Division of the Irish Government’s Department of Communications, Climate Action and Environment with its End of Year 1 LO 16/27 Technical Report, which was focused on the hydrocarbon potential of the Paleocene ‘Avalon’ prospect.A large-scale calibrated petroleum systems model (48 000 km2), which included the LO 16/27 area, supports the potential of a working petroleum system in the LO. Whilst petroleum systems modelling in emerging frontier basins have inherently high degrees of uncertainty, the results of this study are directionally very positive for the potential charging of the Avalon prospect.

Further positive outputs from petroleum systems modelling indicate that the risk of oil biodegradation in the Avalon prospect is low to moderate based on the modelled temporal variations in reservoir temperature. In addition, top seal integrity for the Avalon prospect was also assessed using inputs from both the petroleum systems modelling and a parallel basin-wide geo-mechanical modelling study. This work has positively demonstrated that there is a very low likelihood of a mechanically breached seal at Avalon based on modelled pore pressures.

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