Providence Resources has applied for a Standard Exploration Licence for the Dalkey Island prospect in the Kish Bank Basin by committing to a future work programme, which includes the drilling of one exploration well.

The prospect is located 10km offshore the east coast of Ireland, at a water depth of 25m.

Providence, along with partner Star Energy Group, holds a 50% interest in licensing option 08/2 (LO 08/2), but hopes to have this converted into a Standard Exploration License.

A geochemical study on residual oil samples from a nearby well has confirmed the presence of a highly mature Paleozoic marine oil prone source rock in the basin.

"Having completed our technical assessment of the basin, the partners have elected to progress the Dalkey Island prospect into the drilling phase," said Providence technical director John O’Sullivan.