A full tensor gradiometry and magnetic airborne survey revealed a new oil prospect off the coast of Northern Ireland for Providence Resources. The Polaris prospect, located in the Rathlin Sound, lays structurally ontrend with the onshore 2008 Ballinlea1 well. Gravity data indicates the Polaris structure covers 30 sq km area with an inplace prospective resource potential of 530 million barrels of oil. Given its near-onshore location, Providence may pursue an onshore well.
