Irish explorer Providence Resources and joint venture partner Total has updated investors on its Avalon prospect.
The discovery, in the Porcupine Basin offshore Ireland, is being farmed in by the French operator’s Irish subsidiary.
Providence recently provided the Irish Government’s Department of Communications, Climate Action and Environment with its End of Year One Technical Report which was focused on the hydrocarbon potential of the Paleocene “Avalon” prospect.
A large scale calibrated Petroleum Systems Model (PSM, c. 48,000 km2), supports the potential of a working petroleum system and demonstrates that the Avalon prospect could potentially access a total hydrocarbon resource charge of c. 8.67 BBO and c. 21.43 TSCF (equivalent to c. 12 BBOE).
The firm said that while petroleum systems modelling in emerging frontier basins have inherently high degrees of uncertainty, the results of this study are directionally “very positive”.
In a statement Providence said: “Further positive outputs from the PSM indicate that the risk of oil biodegradation in the Avalon prospect is low to moderate based on the modelled temporal variations in reservoir temperature.
“In addition, top seal integrity for the Avalon prospect was also assessed using inputs from both the PSM and a parallel basin-wide geo-mechanical modelling study. This work has positively demonstrated that there is a very low likelihood of a mechanically breached seal at Avalon based on modelled pore pressures.”
Dr John O’Sullivan, technical director of Providence added:”The work completed during the first year of Licensing Option 16/27 has confirmed our view as to the significant hydrocarbon resource potential of the Paleocene “Avalon” prospect.
“Whilst the nearby 53/6-A well programme is currently assessing the similar-aged Paleocene “Druid” stratigraphic prospect, as well as the deeper Lower Cretaceous “Drombeg” prospect, Avalon is somewhat differentiated insofar as it demonstrates a potentially different trapping mechanism with structural closure mapped in the proximal sediment transport direction.
“The proximity of Avalon to the deeper breached “Dunquin North” oil accumulation is also a potential positive in terms of hydrocarbon sourcing.
“We look forward to working with our JV Partners to mature the Avalon prospect to drillable status.”
