Exploration company Providence Resources said its Dalkey Island prospect off the east coast of Ireland could contain a significant amount of oil.
In an update of its exploration activities, it said that seismic data for the Kish Bank Basin, known as the Dalkey Island exploration prospect, suggested it could contain 870 million barrels of oil
The prospect is in shallow water close to the shore, but still has a significant risk attached as it is undrilled, Providence cautioned.
The company has a 50% equity stake in the Dalkey Island prospect along with its partner Star Energy Group, a subsidiary of Malaysian state-run company Petronas.
Providence CEO Tony O'Reilly said that the ongoing analysis of the Kish Bank Basin has revealed the presence of a large untested structure that warrants further investigation.
'The Dalkey Island exploration prospect presents the potential for a large oil accumulation in shallow water off the east coast of Ireland. The partners have agreed on a focused work programme aimed at further de-risking this prospect, prior to any drilling programme,' he added.
