Exploration company Providence Resources has said that new 2D seismic data has confirmed the presence of the large Newgrange cretaceous four-way dip closure.
The Newgrange site is abut 260km off the southwest coast of Ireland.
The company said that further work on the Newgrange prospect is ongoing.
Providence's technical director John O'Sullivan said that the Newgrange structure is about ten times that of the giant Kinsale Head gas field off the south coast of Ireland.
It also has a higher pressure regime due to its deeper water location.
"Whilst further studies are ongoing, we believe that the combination of material and high density prospective resources with low exploration drilling costs should serve to promote Newgrange as a very attractive deep-water exploration proposition from a risk-reward perspective," Mr O'Sullivan added.
