Providence unveils large Irish Sea target
Published 09/04/2010 | 05:00
Oil and gas firm Providence Resources yesterday unveiled what it said was a "large exploration target" at its so-called Dalkey Island prospect in the Kish Bank Basin in the Irish Sea.
The prospect, about 10km off Dublin's coast, could hold 870 million barrels of oil, according to the company, but it stressed there remained "significant risk" in relation to the target.
Providence, which is headed by Tony O'Reilly, said the prospect was of significant interest to the firm given its location in shallow water and close proximity to shore. The announcement of the potential oil find was made after old seismic data was re-evaluated.
Providence owns 50pc of the Dalkey Island prospect, with Star Energy owning the remainder. Star Energy is owned by Malaysia's state oil company, Petronas.
Mr O'Reilly said Providence and Star Energy agreed on a "focused work programme aimed at further derisking of this prospect, prior to any drilling programme". That would involve them offloading a stake in the prospect.