Providence Inks Farm Out Deal with Forest Gate Resources

Providence has agreed to another farm-out agreement on its Celtic Sea area interests, held under Standard Exploration License 2/07, off the south coast of Ireland. This farm-out is subject to approval from the Irish Minister for Communications, Marine and Natural Resources.

Providence has agreed to farm-out a further 15% of Celtic Sea Standard Exploration License 2/07 to Forest Gate Resources Inc, a Canadian Exploration company listed on the Toronto Stock Exchange. This is the first time that Forest Gate Resources Inc has invested in offshore Ireland.

Subject to Irish Government approval of this farm-out, the equity stake of Providence will reduce to 40% in License 2/07 with the remaining equity percentages being 15% for Forest Gate Resources Inc, 15% for Challenger Minerals (Celtic Sea) Limited, (a subsidiary of GlobalSantaFe Corporation), 15% for Dyas BV, 10% for Atlantic Petroleum (Ireland) Limited, and 5% for Midmar Energy Limited.

The Celtic Sea License 2/07 contains the following:

  • Ardmore gas discovery
  • Helvick oil field
  • Hook Head oil & gas discovery
  • Dunmore oil discovery

Commenting on the farm-out agreements, Tony O'Reilly Jnr., Chief Executive of Providence Resources P.l.c., said:

"We are delighted Forest Gate Resources has joined us in our Celtic Sea program. Having now fully assembled our license partnership, we can now focus on finalizing our plans for 2007. We anticipate being in a position to announce additional details on the 2007 drilling program within the next few months".

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