Partners in the Total-operated Frontier Exploration Licence (FEL) 2/19, that contains the Avalon prospect offshore Ireland, have licensed multi-client 3D seismic data in an effort to look for possible exploration well locations. On February 18 Providence informed that the JV partners had licensed c. 1,500 km2 of multi-client 3D (MC3D) seismic data over FEL 2/19 which forms part of the larger Crean 3D seismic survey which was acquired by TGS in 2017.
The new MC3D data are to enhance the delineation of the Avalon prospect, along with facilitating any drill-decision on the prospect.
Specifically, FEL 2/19 is based in the Porcupine Basin, oofshore Ireland. The area contains undrilled Paleocene Avalon exploration prospect.
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Concerning the license, Total holds the 50%, Providence Resources the 40%, whereas Sosina Exploration owns the 10%.
Also, the licensing option 16/27 was converted into FEL 2/19 back in January this year.
Dr John O’Sullivan, Technical Director at Providence noted that the new 3D seismic data should improve the company’s understanding of Avalon’s origins, resource potential as well as possible exploration well locations.
In the possibility that a decision is taken to drill an exploration well on Avalon, Total will pay 60% of the drilling costs, subject to a gross well cap of $42 million.
