Providence Agrees to Increase SEL 2/11 Stake to 100%

Providence Resources has agreed to increase its equity stake in Standard Exploration Licence (SEL) 2/11, offshore Ireland, to 100 percent, with the assignment of a 50 percent interest from its partner, PSE Seven Heads Limited.

The assignment is subject to approval from the Irish minister for communications, energy and natural resources. This development follows Providence’s announcement Thursday that it has, through its wholly owned subsidiary Exola Limited, entered into an exclusive option agreement with PSE Kinsale Energy Limited over the southern portion of Offshore Petroleum Lease 1, which is immediately adjacent to the Barryroe oil field in the North Celtic Sea Basin.

Commenting on the SEL 2/11 equity stake increase, Tony O’Reilly, chief executive of Providence, commented in a company statement:

“The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities.”

Providence revealed in September that it remains “well placed” to deliver its plans and that it continues to be optimistic about the Irish oil and gas sector in spite of a challenging industry backdrop.



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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  MEO Australia Seeks Shareholder Approv... (Sep 28)
 -  Karoon Buys PEPC's 35% Stake in 4 Sant... (Sep 28)
 -  China's Wison Completes Test of World'... (Sep 28)
 -  DNV GL Reviews 100 Rigs as part of Saf... (Sep 28)
 -  Farstad Shipping Sells AHTS Lady Sandr... (Sep 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States San Antonio: Account Manager
Expertise: Business Development|Sales
Location: San Antonio, TX
 
United States Houston: Product Compliance Manager
Expertise: Regulatory Compliance
Location: Houston, TX
 
Global Privacy Manager
Expertise: Risk Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $48.69/BBL 5.91%
Light Crude Oil : $47.05/BBL 5.32%
Natural Gas : $2.952/MMBtu 1.60%
Updated in last 24 hours