Providence Takes Bigger Slice of Barryroe Discovery
Providence Resources plc
|Friday, December 03, 2010
Providence Resources has increased its equity stake in the Barryroe oil discovery in the North Celtic Sea offshore Ireland. The company will also become operator of the discovery. Subject to government approval, Providence will now hold a 50% stake in Barryroe; San Leon Energy will hold 30%; and Lansdowne will hold 20%.
The partners started planning for a new 3D seismic survey over the eastern flank of Barryroe. This survey will be used to plan for an appraisal well designed to move Barryroe towards first oil. Discussions have also been initiated with other Irish operators on potential rig availability for a pre-development well on Barryroe in 2011.
Separately, Providence has also signed an agreement to assign a 10% non-operated interest in the Helvick oil field, located in SEL 2/07 in the North Celtic Sea Basin, to Lansdowne Oil and Gas plc.
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