Providence to Divest Stake in Spanish Point Area Offshore Ireland

Providence Resources announced Tuesday that it will divest a 32 percent interest in the Spanish Point Area, in the northern porcupine basin offshore Ireland.

The Spanish Point Area includes Frontier Exploration License (FEL) 2/04 and 4/08, which Providence holds a 58 percent equity interest in. Following the completion of the divestment, Providence will retain a 26 percent interest in the license areas.

John O’Sullivan, technical director of Providence, commented in a company statement:

“Following the recent closure of the 2015 Irish Atlantic Margin bidding round, which attracted record industry interest, this divestment process represents an excellent opportunity for a third party to acquire a material, non-operated equity stake in a large Irish offshore project with near term appraisal drilling, combined with further appraisal and exploration upside. The proposed drilling program is being managed by established operator Cairn Energy and is expected to take advantage of the recent fall in global offshore drilling and service costs.”

Following previous delays to the Spanish Point appraisal program, Cairn now plans to commence operations for drilling during 2017, subject to governmental approval. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)
 -  OGA Awards 25 Licences for 111 UKCS Bl... (Mar 23)
 -  UK Minister Brands Oil Worker Discrimi... (Mar 23)
 -  New Zealand Opens Block Offer Tender f... (Mar 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operator (Frac)
Expertise: Driller|Well Control
Location: Midland, TX
 
Truck Driver (Sand)
Expertise: Driller|Oil Terminal / Storage Management|Well Servicing & Testing
Location: Midland, TX
 
Office Manager
Expertise: Asset Management|Operations Management|Secretarial or Administrative
Location: Von Ormy, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours