The agreement is expected to allow the companies to co-operate on offshore seismic survey design and acquisition across the portfolio, particularly in data areas such as the Celtic sea basin where Providence Resources is currently evaluating oil and gas discoveries through its SPV’s Eirgas and Exola.
Where possible, and as appropriate, Providence Resources will seek to leverage on PGS’ proprietary technology such as the GeoStreamer seismic acquisition system. In addition, Providence Resources will also gain access to view PGS’ multi-client seismic database offshore Ireland and offshore UK.
Tony O’Reilly, chief executive of Providence Resources, said: “We are delighted to enter into this collaboration agreement with PGS Ventures which we believe will have a material impact on the development of our asset portfolio.
“In addition, we look forward to gaining access to view PGS’ data library both offshore Ireland and the UK and benefit from their intelligence as we work with them in the development of future projects.”
