Providence has agreed a new farm-out agreement with Sosina Exploration Limited over Celtic Sea Standard Exploration Licenses 2/07 ('Hook Head') & 3/07 ('Blackrock'). Subject to Irish governmental approval of this agreement, Sosina Exploration Limited will hold a 5% stake in these licenses. Providence's equity stake will remain at 40%, with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate Resources Inc at 15% with Challenger Minerals (Celtic Sea) Limited holding a 15% interest.
Tony O'Reilly Jnr., Chief Executive of Providence said:
'These are two extremely positive developments for our Hook Head drilling operations.
The arrival of the Petrolia into our possession means that we are about to commence our appraisal drilling at our Hook Head prospect. A further announcement regarding this drilling program will be made imminently.
I am also very pleased to announce the addition of Sosina Exploration to our Celtic Sea Drilling Partnership. Sosina are already well-established partners, working with Providence and ExxonMobil at Dunquin and in the Goban Spur as well as with Providence and Challenger Minerals Inc at Spanish Point. We welcome them into our partnership at this most exciting time.'
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