This article is from page 4 of the 2012-08-28 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 4 JPG
DEEP sea drilling at the Spanish Point oil and gas well will begin in September of next year, provided the Government gives a final green light for the project. Providence Resources have confirmed that work on creating an initial well, or “spud” work, is to start in the third quarter of next year, providing a rig is available to undertake the work and the Irish government gives its approval. The Spanish Point and Burren oil and gas wells are located in the Porcupine Basin, some 200 miles off the Clare coast. Tests have indicated a large deposit on oil and gas in the area with one early map estimating that the wells contain enough natural gas to meet Ireland’s entire gas need for more than 70 years. “We are delighted to confirm that the pre-drill activities for the Spanish Point appraisal well have commenced and that a spud date has been scheduled. Next year should prove to be pivotal in assessing the exploration and development potential of hydrocarbons in the Porcupine Basin, with drilling now planned at Spanish Point, as well as at the Dunquin exploration prospect to the south,” said Tony O’Reilly, Chief Executive of Providence Resources. “Similar to our recent success at Barryroe, we believe that the application of modern well completion technologies, driven by the state of the art 3D seismic data can unlock material value at Spanish Point. We look forward to finally returning to Spanish Point to turn the drill bit after a 30-year absence.” The deposits in the Porcupine Basic were discovered in 1981 but they were considered too removed at that time to be extracted. Providence Resources currently own a stake of the oil and gas in the basic alongside partners Sosina Exploration Ltd and Chrysaor E&P Ireland Ltd. The Department of Transport have confirmed that Chrysaor is due to commence vessel-based geotechnical and environmental survey work in the area this week.