Providence confirmed that its wholly owned UK subsidiary PR Singleton Limited has been offered a frontier exploration license over six blocks in the Rathlin Basin, offshore Northern Ireland by the UK Government's Department of Energy & Climate Change (DECC). This offer was made as part of the second tranche of awards under the UK's 26th seaward oil and gas licensing round which was announced on December 30th 2011.
The initial license phase is for six years with a well required to be drilled within this term in order to progress to the next phase. Providence has committed to carry out a number of technical studies on the hydrocarbon exploration potential to inform on the drillable opportunities within the license area. Providence will operate the license with a 100% equity interest.
Tony O'Reilly, Chief Executive of Providence, said, "We are very pleased to have been offered additional offshore acreage in the Rathlin Basin, which in conjunction with the license secured over Rathlin Island in 2010, gives Providence the leading offshore acreage position in this emerging basin. Providence has a clear corporate focus to evaluate the main hydrocarbon basins off the island of Ireland, and this new offshore acreage complements our already substantial portfolio, where we now have license interests in eight distinct basins."
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