Providence: SEL 1/11 License Extended
Providence Resources plc and Lansdowne Oil & Gas plc have been granted an extension for Standard Exploration Licence 1/11 located in the North Celtic Sea Basin, off the south coast of Ireland.
The partners have been granted a two year extension to the term of the first phase of SEL 1/11, to July 2017, as well as an extension to the term of the second phase, to July 2019, by the Minister for Communications, Energy & Natural Resources. The areal extent of SEL 1/11 has also been increased by 45 square miles to accommodate for mapped potential extensions of the Barryroe accumulation into an adjacent area that had been formerly held by Exola and Lansdowne within Licensing Option 12/4, which has now lapsed.
Commenting on the extensions, Tony O’Reilly, chief executive of Providence, commented in a company statement:
“We are very pleased to announce these extensions to the Barryroe license which provide additional security of tenure whilst also consolidating the upside resource potential that we have identified in the immediately adjacent acreage.”
Providence is the operator of, and holds an 80 percent equity stake in, SEL 1/11, which contains the Barryroe oil field, with Lansdowne Oil & Gas plc holding the remaining 20 percent.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
e-mail us at email@example.com