Providence Resources P.l.c. provided an update on Licensing Option 11/11 ('Option'). The Option was awarded to Providence (40%), Repsol (40%) and Sosina (20%) as part of the 2011 Irish Atlantic Margin Licensing Round in October 2011.
The partners recently agreed for Repsol Exploracion Irlanda, S.A., a subsidiary of Repsol, to assume the role of Operator for the Option. This change of operatorship is in recognition of Repsol's extensive deepwater drilling expertise together with its recent significant successes in carbonate exploration elsewhere in the Atlantic Basins. The transfer of operatorship has been approved by the Irish government.
Speaking today, Tony O'Reilly, CEO of Providence said, "We are pleased to confirm that Repsol have taken over the role of Operator for this significant exploration opportunity. The Newgrange partners are already co-venturing on the nearby and potentially analogous Dunquin exploration prospect which was recently confirmed for drilling in 2Q 2013. The partners look forward to leveraging on Repsol's range of resources and capabilities in order to advance Newgrange to drill ready status."
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