Friday 25 May 2018

Providence Resources confirms licence change

Photo: Providence Resources/PA Wire
Photo: Providence Resources/PA Wire
Ellie Donnelly

Ellie Donnelly

Irish oil and gas exploration company Providence Resources has confirmed that the Minister of State at the Department of Communications, Climate Action and Environment has consented to transfer 10pc of the equity in the Dunmore and Helvick to Marginal Field development company, and a 10pc share in the Helvick Field to Lansdowne.

On completion of the associated farm-out agreements, the revised equity participations in the Dunmore LU will be Providence Resources, which will have a 65.25pc share in the venture, Atlantic Petroleum, which will have a 16.50pc share, Sosina Exploration, with a share of 8.25pc and Marginal Field Development, with their 10pc share.

For the Helvick LU, the revised equity participations will be Providence Resources, with a 56.25pc share in the venture, Atlantic Petroleum, which will have a 16.50pc share, Sosina Exploration, with a share of 8.25pc, Lansdowne Celtic Sea, which will have a 9pc share in the venture and Marginal Field Development, with a 10.0pc share.

The company also announced that the completion of the acquisition of Atlantic Petroleum’s interest in FEL 3/04 has closed. Providence will now hold a 26.85pc interest in the Western Margin licence.

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