16 November 2012
The results of the study indicates a prospective oil recoverable resources potential of 872 million barrels (P50) in the primary seismic anomaly as well as identification of a further additional resource potential in separate stacked reservoir targets.
Providence Resources (80%, Operator) and Sosina Exploration (20%) were awarded Licensing Option 11/9 ("Drombeg") as part of the 2011 Irish Atlantic Margin Licensing Round. The Drombeg prospect lies in c. 2,500 metre water depth (c. 3,000 metres below the seabed). The prospect is located in the southern Porcupine Basin, c. 220 km off West Cork, being c. 60 km from the ExxonMobil-operated Dunquin exploration prospect which is due to be drilled in early 2013.
On behalf of its partners Providence (operator) has recently completed a major seismic inversion programme over the Lower Cretaceous Drombeg prospect, together with an assessment of its associated prospective resource potential. Earlier this year, initial rock physics modeling and seismic inversion work was carried out by Ikon Science over key 2D Drombeg seismic lines which exhibited a marked seismic anomaly (see SOSINA news release dated 7 August 2012). This initial work modeled the Drombeg anomaly to be consistent with the presence of thick hydrocarbon bearing sandstone intervals. At that time, the Company also confirmed that a large Jurassic fault block closure, with a pronounced crestal fluid escape feature, had been also identified beneath the Drombeg Lower Cretaceous prospect.
Results from this new inversion study, together with a volumetric analysis of the Lower Cretaceous interval has now been completed and these were presented at the Atlantic Ireland Conference being held in Dublin, Ireland on November 12th 2012. The analysis of the primary Drombeg seismic anomaly has indicated a recoverable P50 prospective resource potential of 872 MMBO, based on an oil in place volume of 2.97 BNBO, together with analogue data from the North Sea. However, further technical data, including 3D seismic, will be required in order to better assess the ultimate resource potential of the Drombeg prospect. Further similar Lower Cretaceous seismic anomalies have been identified both laterally offset to, as well as vertically stacked with, the Drombeg prospect providing further resource growth potential.
Two separate stratigraphic, but vertically stacked objectives have also been identified in the overlying Lower Cenozoic and underlying Upper Jurassic. The Lower Cenozoic feature is interpreted to comprise a deep-water basin floor fan covering c. 295 sq km and which exhibits marked amplitude versus offset (AVO) anomaly. The deeper Upper Jurassic feature is mapped as a large tilted fault block structure with c. 140 sq km of closure. A notable fluid escape feature has been interpreted at the crest of the Upper Jurassic tilted fault block and which appears to be acting as a hydrocarbon migration path into both the overlying Drombeg Lower Cretaceous and Lower Cenozoic target intervals. This fluid escape feature is significant in that it suggest an oil remigration model at Drombeg which is similar to that which has been proposed for the BP-operated Foinaven and Schiehallion Fields in the UK West of Shetlands.
Providence as operator sees the results as very encouraging. In connection to the release the Technical Director of Providence, Mr. John O'Sullivan has made the following comment:
"Recent successful discoveries, both in West Africa and South America, have highlighted the enormous potential of the Lower Cretaceous deepwater clastic exploration plays of the Central Atlantic. We believe that the results of the Drombeg seismic inversion signal that this significant play may well extend into the North Atlantic Conjugate Margin and, more particularly, into the southern Porcupine Basin. The Ikon seismic inversion work, which supports the presence of hydrocarbons over a very large area at Drombeg, is hugely encouraging and becomes compelling when considered in tandem with the other associated direct hydrocarbon indicators. Initial feedback from the industry has been very positive with the prospect creating much interest amongst deepwater exploration operators."
| Contacts: | ||
Dr. David J. Davies Managing Director, CEO SOSINA Exploration Ltd 1 Berry St Aberdeen AB25 1HF Tel: +44 01224 845472 | Mr. John Ødegaard, Chairman of the Board Tel: +45 35 31 10 03 Mobile: +45 27 26 00 03 |
| About Ikon Science Ikon Science is a global geoscience technology company. We provide industry leadership in the prediction of reservoir properties, pressures and fluids. Our RokDoc software, Quantitative Interpretation and GeoPressure Services all leverage the power of rock physics to integrate well, geopressure and seismic data to understand the subsurface. Ikon Science's RokDoc software platform and related Quantitative Interpretation services are used globally in over 180 Oil, Gas, Energy and Service companies throughout the world. Ikon Science, founded in 2001, employs over 160 people and has offices in London, Durham, Edinburgh, Lagos, Rio de Janeiro, Houston, Boulder, Kuala Lumpur and Perth, Western Australia. The company is privately owned and investors include Fleming Family & Partners and Tullow Oil Plc.
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| About Drombeg Click here to read more at the SOSINA website. |
About SOSINA
SOSINA Exploration Ltd. is an independent oil and gas exploration company. The Company was founded in 2004, but with roots back as a sister company to the company Odegaard Ltd. acquired in 2006 by Schlumberger Inc.
SOSINA's active oil and gas portfolio includes offshore interests in Ireland and the UK. SOSINA's portfolio is balanced between appraisal and exploration assets. Comprehensive information on SOSINA and its oil and gas portfolio is available from SOSINA's website at www.sosina.co.uk.
