Providence Resources has commenced vessel mobilisation operations for the Spanish Point 3D seismic survey. This 3D seismic survey programme will cover a c.300 km2 area primarily over the Jurassic Spanish Point gas condensate discovery and is expected to take up to 60 days.

The survey acquisition contract was awarded to Bergen Oilfield Services AS and the survey will be acquired using the recently refitted BOS Angler 3D seismic survey vessel. Providence (56%) operates the Spanish Point licence (FEL 2/04) on behalf of its partners Chrysaor E&P Ireland (30%) and Sosina Exploration (14%). The budgeted costs of this survey will be borne by Chrysaor, as part of the farm-out agreement announced on 12 August 2008.

The original 35/8-2 Spanish Point discovery well flowed c.1,000 BOPD and c. 5 MMSCFGPD from one of four logged hydrocarbon bearing intervals. Third party modeling of these well data has suggested that an optimally placed and stimulated development well could flow at significantly higher rates from all hydrocarbon bearing intervals.

The partners consider that the acquisition of a 3D seismic survey over Spanish Point is vital in order to further enhance the detailed understanding of the reservoir, as well as to optimise potential future well placement. The survey has also been designed to accommodate future time lapse 3D seismic surveying, which has been demonstrated to be particularly effective in monitoring fluid movement during field production.

Tags: Providence Resources Plc