Offshore Ireland explorer Providence Resources has inked a letter of intent for use of a deepwater drilling rig to drill on the deep water Druid prospect in the southern Porcupine Basin in 2017.
The Druid prospect is in Frontier Exploration License (FEL) 2/14 about 220km off the south-west coast of Ireland in 2250m water depth.
Providence Resources is operator, with 80% interest, with partner Sosina Exploration (20%). Druid is a Paleocene prospect. The license also contains the Lower Cretaceous Drombeg exploration prospect. A contract on the rig is due to be finalized in coming weeks.
Tony O’Reilly, CEO at Providence Resources said: "This is another key milestone for our planned drilling at Druid, further demonstrating the progress that we are making in pursuing the continued development of our significant portfolio offshore Ireland."
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