Irish exploration firm Providence Resources says an exploration well on the Porcupine Basin after encountering a water-bearing reservoir at Dunquin North.
The well, 170km off the coast of Ireland, had been drilled to a final depth of 16,400ft by operators ExxonMobil.
But preliminary analysis of the well, which had been aiming for a carbonate reservoir, found it to be water bearing.
The company said the presence of a potential residual oil column at Dunquin North may mean oil had previously been there, but leaked out.
Despite the findings, Providence chief executive Tony O’Reilly said the data had given them strong hope for success in the neighbouring Dunquin South operation, which has a thicker seal.
“We believe that our landmark Dunquin North exploration well, the first to be drilled in this basin, has demonstrated that all of the key components of a working petroleum system exist in the southern Porcupine Basin,” said Providence chief executive Tony O’Reilly
“These data are encouraging not just for the adjacent Dunquin South prospect, but also for the basin in general and are likely to intensify the already growing industry focus on this emerging hydrocarbon exploration arena.”
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