Providence Resources has received consent to transfer 30% equity in FEL 2/14 to Capricorn Ireland Ltd., a wholly-owned subsidiary of Cairn Energy.
Providence gained the approval from Ireland's Minister of Communications, Climate Action and Environment. The move will see Capricorn become a partner in the upcoming Druid & Drombeg 53/6-A well, scheduled for late-June.
Druid and Drombeg are in FEL 2/14 in the Southern Porcupine Basin, some 220km off the southwest coast of Ireland, at about 2250m water depth.
The revised partners in FEL 2/14 are now Providence (operator - 56%), Capricorn (30%) and Sosina (14%).
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