Providence, Nautical Join Forces Offshore Ireland

Providence will farm out a 40% equity interest in Licensing Option 10/1 to Nautical Petroleum, and the company will fund and carry out a focused work program for the development of the Baltimore oil discovery. Providence's subsidiary, EXOLA Limited will retain a 60% equity interest, which is still subject to Irish governmental approval. License Option 10/1, situated 19 miles (c.30 kilometers) offshore Ireland in the North Celtic Sea Basin, contains the Baltimore field in 328 feet (100 meters) of water. The discovery well, 48/19-2, was drilled in 1992 on a Lower Cretaceous structure.

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