Business Irish

Saturday 19 October 2019

Irish oil company commences site survey operations

Barryroe drilling operation
Barryroe drilling operation
Ellie Donnelly

Ellie Donnelly

Irish oil and exploration company Providence Resources has announced that the Gardline's M/V Kommandor survey vessel has commenced mobilisation in advance of the planned acquisition of data suitable for input to an application for the permitting of an offshore exploration well.

The well in question is that under its Frontier Exploration Licence ("FEL") 6/14 that contains the Newgrange Prospect. 

FEL 6/14 is operated by Providence on behalf of its partner Sosina Exploration, which has a 20pc share, collectively referred to as the Newgrange Partners.

It is situated in around 1,000 m water depth being about 260 km off the south-west coast of Ireland.

The partners also used the update to confirm that commercial discussions in relation to a potential farm-out of equity in the licence to third parties are continuing. 

"We are pleased to confirm the commencement of the Newgrange site survey operations some two months ahead of schedule," Dr John O'Sullivan, technical director of Providence, said.

"In tandem with these operations, we continue to liaise with interested potential co-venture partners whilst also constantly monitoring possible rigs of opportunity which may become available for this exciting exploration venture."

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