IRELAND - KISH BANK BASIN - SEL 2/11

Standard Exploration Licence 2/11

ASSET:
PROVIDENCE EQUITY:
OPERATOR:

KISH BANK
100%
PROVIDENCE

The Company currently holds an 100% working interest in SEL 2/11, which lies c. 8 km offshore Dublin in c. 25 m water depth.

 

History

Licensing Option (LO) 08/2 was originally awarded to the Company (50%) and Star Energy (Petronas, 50%) in 2008, with the Company as operator.
In December 2011, LO 08/2 was converted into SEL 2/11 with the same working interests and an exploration well commitment was made by the JV partners. In January 2012, a Foreshore Licence application was made to carry out temporary seismic and exploration drilling works on the Kish Bank Oil Prospect. This Foreshore Licence was granted to the Company in October 2012.
In February 2013, the Company elected to voluntarily surrender the Foreshore Licence when it became clear that there had been a governmental transposition error in relation to the European EIA Directive. In 2014, this transposition error was finally corrected but further consultation is now ongoing regarding the application of the Foreshore Act.
In January 2016, the Company assumed a 100% working interest in SEL 2/11 and subsequently, the Company has sought a further time extension from the Irish government so that the Company can advance the requisite permitting process for the drilling of an exploration well. The Lower Triassic Sherwood Sandstone Kish Bank Oil Prospect has estimated un-risked recoverable prospective resources of c. 210 MMBO.

 

Recent Activity

The status of the licence is currently under review and discussion with the regulatory authorities pending clarity on the Foreshore Act and the ability of the Company to carry out its planned activities.

Related press release - 2016

16 November 2016
LICENCE UPDATE - STANDARD EXPLORATION LICENCE 2/11 - KISH BANK BASIN

Related press release - 2015

4 December 2015
LICENCE UPDATE - PROVIDENCE TO INCREASE ITS STAKE IN SEL 2/11 (KISH BANK) TO 100%

Related press release - 2013

12 February 2013
OPERATIONAL UPDATE - KISH BANK BASIN

Related press release - 2012

4 October 2012
OPERATIONAL UPDATE - DALKEY ISLAND PROSPECT, KISH BANK BASIN - AWARD OF FORESHORE LICENCE FOR EXPLORATION DRILLING

Related press release - 2011

2 December 2011
OPERATIONAL UPDATE - KISH BANK BASIN - AWARD OF STANDARD EXPLORATION LICENCE 2/11
22 September 2011
PROVIDENCE MAKES WELL COMMITMENT ON DALKEY ISLAND PROSPECT, OFFSHORE IRELAND
10 January 2011
ULYSSES GAS STORAGE PROJECT UPDATE

Related press release - 2010

17 September 2010
AMEC AWARDED ULYSSES GAS STORAGE CONCEPTUAL STUDY
9 April 2010
ULYSSES PROJECT CONFIRMS POTENTIAL SITE FOR NATURAL GAS SALT CAVERN STORAGE PROJECT IN THE KISH BANK BASIN, OFFSHORE IRELAND
8 April 2010
PROVIDENCE IDENTIFIES SIGNIFICANT OIL EXPLORATION POTENTIAL IN THE KISH BANK BASIN, OFFSHORE IRELAND

Related press release - 2008

18 August 2008
PROVIDENCE AND STAR ENERGY COMMENCE ULYSSES STUDY, OFFSHORE DUBLIN
15 August 2008
PROVIDENCE AND STAR ENERGY AWARDED LICENSING OPTION IN THE KISH BANK BASIN, OFFSHORE DUBLIN