Providence Resources has agreed to increase its equity stake in Standard Exploration Licence (SEL) 2/11, offshore Ireland, to 100 percent, with the assignment of a 50 percent interest from its partner, PSE Seven Heads Limited.
The assignment is subject to approval from the Irish minister for communications, energy and natural resources. This development follows Providence’s announcement Thursday that it has, through its wholly owned subsidiary Exola Limited, entered into an exclusive option agreement with PSE Kinsale Energy Limited over the southern portion of Offshore Petroleum Lease 1, which is immediately adjacent to the Barryroe oil field in the North Celtic Sea Basin.
Commenting on the SEL 2/11 equity stake increase, Tony O’Reilly, chief executive of Providence, commented in a company statement:
“The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities.”
Providence revealed in September that it remains “well placed” to deliver its plans and that it continues to be optimistic about the Irish oil and gas sector in spite of a challenging industry backdrop.
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