Providence Resources has been given consent to farm out stakes in the the Helvick and Dunmore Lease Undertakings (LU), in the North Celtic Sea Basin, and Dunquin South, in Frontier Exploration Licence (FEL) 3/04, in the southern Porcupine Basin offshore Ireland.
The move will see Providence give:
On completion of the associated farm-out agreements, the revised equity participations in the Dunmore LU will be Providence Resources (65.25%, operator), Atlantic Petroleum (Ireland) (16.50%), Sosina Exploration (8.25%) and Marginal Field Development Company (10.0%).
For the Helvick LU, the revised equity participations will be Providence Resources (56.25%, operator), Atlantic Petroleum (Ireland) (16.50%), Sosina Exploration (8.25%), Lansdowne Celtic Sea (9%) and Marginal Field Development Company (10%).
A two year Lease Undertaking in respect of each of the Dunmore and Helvick discoveries was granted by the Minister effective 1 March 2016 to allow for the evaluation of low-cost development options.
Providence also confirms that the acquisition of Atlantic Petroleum (Ireland) equity in FEL 3/04 (announced in July 2015) has now closed.
The revised equity participations in FEL 3/04 are Eni Ireland (36.913%, operator), Repsol Exploracion Irlanda (33.557%), Providence Resources (26.846%) and Sosina Exploration (2.684%).