May. 2013 - Cairn Energy announced it will farm-in to licenses FEL 2/04, FEL 4/08 and six adjacent licensing option blocks in the Porcupine Basin west of Ireland. Included in FEL 2/04 are the Spanish Point gas condensate discovery and the Burren oil discovery. The farm-in is subject to regulatory and partner approval. If approved, Cairn becomes the operator and acquires a 38% working interest by paying a pro-rated share of back costs for a consideration of $4.1 million and 63.33% of exploration and appraisal costs up to two wells, subject to a cap. An appraisal of Spanish Point is expected to be drilled in 2Q 2014.

Aug. 2012 - Irish explorer Providence Resources confirmed that site survey operations are about to commence on its Spanish Point acreage in the Main Porcupine Basin off the west coast of Ireland. The work is being carried out by Chrysaor on behalf of the Spanish Point partners and is part of the preparations for the drilling of an appraisal well in 2013. The operations are expected to be finished in early September. Providence, currently the operator of the FEL 2/04 license although it recently agreed to transfer this role to Chrysaor, holds a 32% interest while Chrysaor holds 60%.

Jul. 2012 - Providence Resources and partners have approved the 2012 budget for the Spanish Point discovery, as the companies prepare for the 2013 drilling campaign. The gas condensate discovery is located in a water depth of 1,300 feet (396 meters) in the Main Porcupine Basin 125 miles (201 kilometers) off the west coast of Ireland. The 2012 budget includes the provision for well design activities as part of the ramp up to a 2013 appraisal drilling program on Spanish Point. The plan is to spud the initial appraisal well in the third quarter of 2013 subject to rig availability and government approvals while the partners have agreed to transfer the operatorship of FEL 2/04, along with that of other licenses from Providence to Chrysaor.

Nov. 2010 - Providence Resources and partners have recently completed 3D seismic and integrated studies over the Spanish Point gas discovery offshore Ireland, revealing a significant find with commercial potential. The completed interpretation of 3D seismic acquired over the permit was integrated into a technical assessment of the discovery originally made by Phillips Petroleum in 1981. Additional analysis was undertaken on core obtained from the discovery but was only made available in 2009. Results from the core-based goniometric, capillary pressure, and rock mechanics studies, together with hydraulic fracture modeling and new fluid compositional modeling was fed into the assessment. The partners have focused on two volumetric scenarios, indicating an in place resource ranging from 200 to 510 MMboe with 100 to 200 MMboe recoverable, respectively. It is estimated field development will require between 6 and 14 horizontal fracture stimulated production wells, with peak field production thought to be 250 MMcf/d and 30 Mbopd. These findings have de-risked Spanish Point allowing for future appraisal and development work to commence on this tested discovery, commented Tony O'Reilly, Chief Executive of Providence. Drilling is planned for 2012. The Spanish Point Project is located in Frontier Exploration License 2/04 in the Main Porcupine Basin, offshore western Ireland in 1,312 feet (400 meters) of water. Providence operates the license with 56%; Chrysaor with 30%; and Sosina Exploration Limited with 14%.

Oct. 2009 - Providence provided an operational update on its Spanish Point License (FEL 2/04), which is located 124 miles (200 kilometers) off the west coast of Ireland. This license is situated in the Main Porcupine Basin and is operated by Providence (56%) on behalf of its partners, Chrysaor E&P Ireland Limited (30%) and Sosina Exploration Limited (14%). During the summer of 2009, Providence and its partners acquired 79,074 acres (320 square kilometer) of 3D seismic survey over the Spanish Point license, which contains the Spanish Point gas discovery and the adjacent Burren oil discovery.