Providence and Partners Secure New Irish Acreage
Providence, the AIM listed and Dublin IEX listed oil & gas exploration and production company, announced that, in conjunction with interest owners ExxonMobil and Sosina, it has been awarded 15 new blocks under a Licensing Option in the Goban Spur area, off the west coast of Ireland, by the Minister for Communications, Marine and Natural Resources. This follows a joint application made by the partnership in June 2006, under the open acreage provisions of the 1992 Licensing Act. The composition of the partnership is as follows:
--ExxonMobil Exploration & Production (Offshore) Ireland, 80% --Providence Resources Plc, 16% (operator) --Sosina Exploration Limited, 4%
The Licensing Option extends over Blocks 61/17, 18, 19, 20, 22, 23, 24 & 25 & 62/21 over the Goban Graben and Blocks 61/14, 15, 62/11, 16, 17, & 22 over the Goban Spur Basin; and covers a total area of approximately 4,000sq. km. The Licensing Option has a duration of 3 years, at which point an application can be made for a standard exploration license, which carries a well commitment. Located approximately 300 km offshore, the Licensing Option area is approximately 150 km due south of the Dunquin Prospect, which Providence operates as part of a partnership with ExxonMobil and Sosina.
As part of the work program, in support of the application for the Licensing Option, the partnership agreed to carry out a 500 km long offset 2-D seismic survey over the area, together with gravity and magnetic data acquisition.
Speaking Wednesday, Tony O'Reilly Jr., Chief Executive of Providence Resources P.l.c., said:
"The securing of this Licensing Option represents yet another important part of Providence's stated growth and development program, and represents positive news for the Irish offshore industry. Providence, ExxonMobil and Sosina are already involved in an extensive work program at the adjacent Dunquin Prospect, and this award further demonstrates our real commitment to exploration, off the west coast of Ireland."
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 was founded in 1997, but with roots going back to 1981 when it predecessor company, Atlantic Resources Plc was formed by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in Ireland (offshore), the UK (onshore and offshore) and West Africa (offshore Nigeria). Providence's portfolio is balanced between production, appraisal and exploration assets, as well as being
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