Providence has been awarded Licensing Option 10/1 over the Baltimore heavy oil discovery located in block 48/19(p) in the North Celtic Sea Basin, offshore Ireland. The 48/19-2 discovery well is situated some c. 30 kilometers off the south coast of Ireland in c.100 meter water depth. Discovered in 1992, this c. 11-degree API heavy oil accumulation is estimated to have an in place resource potential of up to c. 300 MMBO.
Tony O'Reilly, Chief Executive of Providence, said, "We are pleased to have secured this license. Whilst technically challenging, we believe that the Baltimore oil accumulation deserves further review given the current sustained higher oil pricing environment together with the recently announced progress on similar oil accumulations in the North Sea. As heavy/unconventional oil is a new business focus for Providence, the analysis will be carried out through EXOLA Limited, our new special purpose vehicle, in which any future developments will be financed separately from the parent company. We look forward to updating our shareholders on what we believe could prove to be a very exciting and valuable addition to our growing business portfolio."
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