Licensing Option 05/3, where Providence currently holds a 100% working interest, contains the Apollo oil exploration prospect. The Apollo prospect is a large tilted fault-block located in the southwest part of the St. George's Channel Basin. The Licensing Option extension covers the period to 30 September 2007.
Tony O'Reilly, Jr., Providence's Chief Executive, said: "This extension will allow Providence further time to carry out additional sub-surface work on this highly prospective area, whilst also allowing the Company to continue with the Apollo farm-out process."
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