Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the “Company”), today provides an update on Standard Exploration Licence (“SEL”) 1/11 that contains the Barryroe oil accumulation.
SEL 1/11 is operated by Exola DAC (80%), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea Limited (20%), collectively referred to as the “Barryroe Partners”. The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off the south coast of Ireland.
The Barryroe Partners have been granted a 2-year extension to the term of the First Phase of SEL 1/11 to July 2019 and overall term to July 2021 by the Minister for Communications, Climate Action & Environment subject to the Barryroe Partners carrying out a work programme that includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the licence area.
Speaking today, Tony O’Reilly, Chief Executive of Providence said,
“We are very pleased to be granted these extensions to the Barryroe licence, which provides additional security of tenure whilst we continue the farm-out process. The Barryroe partners are in dialogue with a number of parties regarding advancing the appraisal of Barryroe through to first oil.
The extension work programme includes evaluating the deeper exploration potential of the licence, which offers exciting upside, over and above the substantial resources already identified in Barryroe.”
