PEGASUS/DIONYSUS - Standard Exploration Licence 1/07
Northern Area , St. Georges Channel
Part Blocks 41/25, 41/30, 42/21, 42/26, 51/1
Dionysus Gas Prospect Potential Recoverable Reserves: 570 BSCF
Pegasus South Gas Prospect Potential Recoverable Reserves: 190 BSCF
Pegasus North Gas Prospect Potential Recoverable Reserves: 120 BSCF
Operator: Providence (100%)
                                 

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Licensing Option 03/7 is located in about 100 metres of water in the St George's Channel Basin, offshore Ireland. The prospective area is some 18 kms off the south-east coast of Ireland, being 20 kms north-west of the Marathon-operated Dragon gas discovery in UK Block 103/1.

Providence has identified gas potential in sands of Upper Jurassic and Lower Triassic age. The presence of the nearby Dragon gas field, which is of Upper Jurassic age, demonstrates the presence of an active hydrocarbon system in the area.

The current work programme has confirmed the presence of a number of prospective targets at both Jurassic and Triassic age. The Pegasus prospect, which is directly analogous to the Marathon UK operated Dragon field is thought to contain 310 BSCF REC within two fault blocks. Providence are planning to shoot a 3D seismic survey over this prospect during the summer of 2005 in order to firm up a well location on the structure. Providence also believes that the Dragon field extends from UK block 103/1 into Providence operated Irish block 51/1. At present it is considered that ~20 BSCF REC extends into block 51/1. Should Marathon proceed with a development of the field, it is likely that Providence will enter into unitisation discussions in terms of the extension into Irish block 51/1.

In addition to both Dragon and Pegasus, remapping has confirmed the presence of a 4,000 acre closure at Lower Triassic level. Utilising nearby well control, Providence estimates this structure could contain ~500 BSCF REC.