Nautical and Providence get option extension

24th Sep 2010 08:58

High flying oil explorer Nautical Petroleum and its partner on licensing option 10/01 in the North Sea Celtic Sea Basin, Providence Resources, have had the area covered by the option extendedAfter scouting out the licensing option and surrounding area a new exploration prospect, "Marlin", was located some 10 kilometres to the north-west of the producing Kinsale Head gas field.Ireland's Minister for Communications, Energy and Natural Resources has agreed the oil companies' joint request to increase the area covered by the option by 16 square kilometres to include the mapped extension of the Cretaceous Marlin prospect. "We are excited about this new exploration prospect as it is in the same geological setting as other proven producing fields in the region and it is very close to the Kinsale Head production facilities. In particular, the Marlin prospect demonstrates striking similarities to the nearby Ballycotton gas field, which is a highly successful offshore development," said John O'Sullivan, technical director of Providence.