New seismic technology has unlocked what is thought could be major new oil prospect offshore Ireland.
Providence Resources said the Polaris prospect had in-place prospective resource potential of about 530million barrels of oil.
It was one of five “anomalies” found through full tensor gradiometry (FTG) and a magnetic airborne survey over acreage in the Rathlin Basin offshore northern Ireland.
The main prospect, Polaris, was in the Rathlin Sound just off the northern Irish coast, and was described as potentially covering an area of 11.5 square miles.
Providence said there was potential that Polaris, being close to the Irish coastline, could be drilled from onshore.
It said sites for surface wells were being evaluated.
John O’Sullivan, technical director of Providence, said: “We continue to be very encouraged by the results of the recent full tensor gradiometry programme, which has exceeded our pre-survey expectations.
“The Rathlin Basin has always been considered prospective due to the presence of a rich oil-prone source rock, however poor seismic imaging has historically rendered it difficult to determine the basin’s true hydrocarbon entrapment potential.
“We believe that our application of new technologies such as full tensor gradiometry should allow for a complete re-assessment of this frontier basin.
“We have now commenced planning for a future drilling programme in 2014, which includes necessary site investigations, local permitting requirements together with regulatory and local stakeholder liaison.
“This planned drilling operation forms part of Providence’s ongoing multi-basin drilling programme which commenced last year with the successful appraisal of the Barryroe oil field, offshore southern Ireland.
“Drilling operations planned for 2013 include the upcoming deepwater exploration well on the Dunquin prospect, an appraisal well on the Spanish Point gas condensate discovery and an exploration well in the Kish Bank Basin. In 2014, we plan to drill an exploration well on the Polaris Prospect and an appraisal well on the Dragon gas field.”