LONDON--Providence Resources PLC (PZQA.DB), an Irish based oil and gas exploration company, said Monday the joint venture partners have agreed to underwrite and license 1,800 km(2) of new multi-client 3D seismic data over frontier exploration license 3/04, located in the southern Porcupine Basin.

Providence added that mobilization of CGG Oceanic Caspian, which will conduct this data acquisition program, is expected to start imminently.

The main objective of this new 3D seismic survey is to understand the hydrocarbon potential of the undrilled Lower Cretaceous Dunquin South carbonate exploration prospect, Providence said.

The license is operated by Eni Ireland BV (36.913%) on behalf of its partners Repsol Exploracion Irlanda SA (33.557%), Providence Resources (26.846%) and Sosina Exploration Ltd. (2.684%).

 

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

 

(END) Dow Jones Newswires

April 03, 2017 04:14 ET (08:14 GMT)

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