Providence Resources Granted Licence Extension

Green Light Given For Providence Resources Irish Well

Irish based oil and gas exploration company, Providence Resources, has obtained an extension for its Frontier Exploration licence in the Southern Porcupine Basin located off the South-West coast of Ireland.

The licence is operated by ENI Ireland B.V. on behalf of its partner Repsol Exploracion Irlanda, S.A., Providence Resources and Sosina Exploration Ltd, referred collectively as the “JV Partners”.

Consent to the extension, of the second phase of the licence to November 14th 2019 and to the subsequent third and fourth phases to November 14th 2021 and 2025, was given by the Minister of State for the Department of Communications, Climate Action and Environment.

The extension is subject to a number of terms and conditions agreed upon by JV Partners, including the acquisition and processing of a minimum 1,800km² of 3d seismic. In April 2017, the JV Partners agreed to underwrite and licence new multi-client 3D seismic data being acquired over FEL 3/04. Acquisition of this survey has now commenced. 

“Speaking today, Tony O’Reilly, Chief Executive of Providence Resources said: ” We are pleased to have received this confirmation from the government on the licence extension as we continue to move forward with the evaluation of this licence.”