The company said that it has finialized its 2006 work program on Dunquin with ExxonMobil under the terms of its farmout agreement. Providence is the operator with 16 percent interest. ExxonMobil holds 80 percent in the prospect, located in the Porcupine Basin 200 miles off the West Coast of Ireland. Sosina owns the remaining 4 percent.
In addition to the progress with Dunquin, shareholders also received the following updates regarding Providence's oil and gas portfolio:
Brian Hillery, Providence's chairman, told shareholders: “I am pleased with the substantial progress that the company has made over the last 12 months, which saw the delivery by our management team of a number of our key strategic initiatives, including: the successful farmout of the Dunquin Prospect to ExxonMobil and subsequent agreement of a 2006 work programme; the securing of a €50 million financing facility with Macquarie; and the completion of a major study on Spanish Point and opening of a data room highlighting the development options for this significant gas condensate field."
Providence Resources Plc is an independent oil and gas exploration company listed on the AIM market in London and on Dublin’s IEX market. The company's active oil and gas portfolio includes interests in Ireland (offshore), the U.K. (onshore and offshore), and West Africa (offshore Nigeria). Providence’s portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically.
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