HELVICK- Standard Exploration Licence 2/07                                 
Central Area, North Celtic Sea Basin
Part Blocks 49/8, 9, 13, 14
Potential Recoverable Resources: 1.3 MMBO
Operator: Providence (43.5%) Partners: CMI (16.3%) Dyas BV (16.3%),
Atlantic (10.8%) Forest Gate Res. (7.5%) Sosina (5.4%)

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The offshore Helvick oil field is located in the south-west corner of Block IRL49/9, some 36 kms off the south coast of Ireland. It lies approximately 50 kms north-east of the Kinsale Head gas field.

The Helvick discovery well, IRL49/9-2 was drilled by the then Operator, Gulf Oil in 1983 and flowed at 9,900 BOPD and 7.5 MMSCFGPD. Three further appraisal wells were drilled in the late 1980’s to delineate the field.

In 2000 Providence drilled the IRL49/9-6Z well which was flow tested at rates of approximately 5,200 BOPD which confirmed the good reservoir and fluid characteristics seen on the original IRL49/9-2 discovery well. Further detailed analysis however, indicated that the Helvick reservoir is compartmentalised and would require further appraisal. Providence concluded that development of Helvick on a stand alone basis could not be justified given market conditions at that time.

More recent reservoir engineering analysis of well test data from the Helvick field suggests that wells could produce significant volumes of oil under primary depletion. This together with improved commodity prices, indicate that Helvick could provide an incremental oil development project in the future.