Providence Resources announced Tuesday that it has been granted an 18-month extension for Licensing Option (LO) 13/04, located in the South Celtic Sea Basin, by the Irish Minister of State at the Department of Communications, Energy and Natural Resources, until November 30th, 2016.
LO 13/04 is operated by Providence and contains the Silverback exploration prospect, which is believed to hold 1.36 billion barrels of STOIIP (stock tank original oil in place). The additional time granted by the Minister will allow for the completion of technical studies, according to the company.
Providence CEO Tony O’Reilly commented in a company statement:
"We are pleased to have been granted this 18-month extension to the Silverback Licensing Option which will allow us to complete the important source rock modelling studies."
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