This new Licensing Option has a term of 1 year and covers an area of some 375 square kilometers. The Option is situated in an area immediately adjacent to Hook Head (held under SEL 2/07), where Providence and its partners are currently testing the successfully drilled 50/11-3 appraisal well. The area contains a number of significant mapped leads and prospects at a similar level to those, which are hydrocarbon bearing in the Hook Head Structure.
The partners in this Licensing Option and their equity interests are Providence Resources Plc (Operator) 43.5294%, Challenger Minerals (Celtic Sea) Limited 16.3235%, Dyas BV 16.3235%, Atlantic Petroleum (Ireland) Limited 10.8824%, Forest Gate Resources Inc. 7.5% and Sosina Exploration Limited 5.4412%.
* Subject to Ministerial consent
Commenting on the announcement, Mr. Tony O'Reilly, Chief Executive said:
"As a result of our regional mapping, Providence and its partners identified a number of undrilled structures adjacent to the Hook Head exploration license. Following our decision to drill the 50/11-3 HookHead appraisal well earlier this year, we decided to make an application for a Licensing Option over this area.
In light of the 50/11-3 Hook Head well results to date, we believe that the Option area offers possible further significant hydrocarbon potential, which may compliment any future development of the Hook Head discovery. We will now await the outcome of the testing program of the Hook Head well in order to progress our work program in this adjacent area."
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