BLACKROCK - Standard Exploration Licence 3/07                                             
North Celtic Sea Basin
Part Blocks 48/29 ,30, 49/22, 23, 26, 27, 28
Potential Recoverable Resources: 93 MMBO
Operator: Providence (43.5%) Partners: CMI (16.3%) Dyas (16.3%)
Atlantic Petroleum (10.8%) ForestGate Resources (7.5%) Sosina (5.4%)

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The Blackrock prospect lies in about 100 metres of water some 35 kms south of the Marathon-operated Kinsale Head gas field. The results of the recent work programme, which involved a comprehensive evaluation of existing seismic and well data, together with the drilling and analysis of the IRL49/26-1A well (2004), have demonstrated the presence of a substantial fault and dip closed anticlinal structure with three separate target reservoir horizons (estimated by management to contain an un-risked potential recoverable volume of up to 93 million barrels of oil rec). The recent well demonstrated the presence of excellent reservoir and top-seal potential, which had been identified as the primary pre-drill risks. The remaining risk is considered to be the presence of hydrocarbon charge and the group acquired an OBS(Ocean Bottom Survey) over the prospect in 2006, in order to reduce this pre-drill risk. The data has now been processed and interpreted and results support the post drill interpretation of the IRL49/26-1A well. The potential presence of hydrocarbons between the existing two well controls is supported by this survey which also indicates the possible presence of a gas chimney.