Exploration company Providence Resources says the results of 3D seismic studies on its Spanish Point site are likely to result in a commercial development.
The Spanish point project is located in the Main Porcupine Basin, off the west coast of Ireland. The discovery was originally made by Phillips Petroleum in 1981. The studies have been carried out over the past two years.
The company says it has started well planning with a view to drilling in 2012.
'The completion of this technical work finally awakens the sleeping giant that is Spanish Point,' commented Providence's chief executive Tony O'Reilly.
'This is not only a significant event for Providence and its partners, but for the whole Irish offshore. The last two year's work has significantly derisked Spanish Point, and as such, it gives us every confidence in the successful future appraisal and development of this tested discovery,' he added.
