Displaying items by tag: Dunquin
Shares Tumble As Providence Plugs Dunquin Oil Well
#Oil - Providence Resources have plugged and abandoned an exploration well at the Dunquin North prospect off the Cork coast after striking more water than oil, as OilVoice reports.
The company's technical director John O'Sullivan confirmed the presence of "a potential residual oil column" which may indicate that any oil that was once in the reservoir has since leaked - though such weaknesses have been discovered elsewhere over the prospect.
"Notably, the separate Dunquin South build-up appears to have a thicker sea and lacks the significant fluid escape features seen further to the north," he said.
Providence chief executive Tony O'Reilly added that data from the southern explorations are encouraging "for the basin in general and are likely to intensify the already growing industry focus on this emerging hydrocarbon exploration arena."
According to The Irish Times, Providence shares fell the most in over a year of Dublin trading at news of the Dunquin North disappointment.
