Providence Resources offered new licensing option for South Celtic Sea basin
IRISH oil exploration company Providence Resources has been offered a new licensing option by the State covering a large part of the South Celtic Sea Basin, it was announced this morning.
The 18-month option, put forward by the Department of Communications, Energy and Natural Resources, is sited in 100 metres of water and is 130km off the south coast.
Initial seismic mapping work has been carried out and it will be further analysed by the company to assess its potential.
John O’Sullivan, Providence Technical Director, said the option represented a continuation of its strategy to generate and roll out new and material high impact exploration opportunities offshore Ireland.
“This latest addition to our extensive portfolio is a result of our ongoing technical re-evaluation of Ireland's under-explored offshore basins through the prism of new technology, higher pricing, improved infrastructure together with a fiscal regime designed to attract an inward flow of foreign direct investment,” he said.
The Option covers about a 1,530 square kilometre area and is located in the south-western sector of the South Celtic Sea Basin.
Stockbrokers Davy said the licence acquisition is best seen as a “long-term build-out of its position offshore Ireland.”