This article is from page 19 of the 2006-06-27 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 19 JPG
THE development of a major energy resource off the coast of Spanish Point moved a step closer last week with the completion of a study into the viability of the site.
Providence Resources, which owns the rights to drill for gas at the Spanish Point field and at a second potential field off the Burren, confirmed at their annual general meeting last week that the study had been completed and a data room had been opened.
According to a statement from the company, this data room would possibly be used to accommodate the future farm-out of the site.
Earlier this year, Providence announced a farm-out of an 80 per cent stake of a similar project at Dunquin off the Kerry coast, to the world’s largest publicly listed energy company, ExxonMobil.
A 2-D seismic programme is scheduled to commence at the Dunquin site next month.
Initial survey evidence indicates that there could be a 30-year supply of gas in the Spanish Point field,
Exploratory work on its sister site off the north Clare coast is ongoing.
Providence also maintains lucrative operations in the Celtic Sea, St. George’s Channel and Nigeria.