Providence Resources Receives Approval for North Celtic Sea Basin Farmouts



Providence Resources plc revealed Thursday that it has received approval from the minister of state at the department of communications, climate action and environment for the farm out of several interests in the North Celtic Sea Basin.

Approval was granted for the farm out of a 10 percent interest in the Dunmore LU to Marginal Field Development Company Limited, a 10 percent interest in the Helvick LU to Lansdowne Celtic Sea Limited, and a 10 percent interest in the Helvick LU to Marginal Field Development Company Limited.

On completion of the associated farm-out agreements, the revised equity participations in the Dunmore LU will be Providence Resources plc (65.25 percent, operator), Atlantic Petroleum (Ireland) Limited (16.50 percent), Sosina Exploration Limited (8.25 percent) and Marginal Field Development Company Limited (10.0 percent).

For the Helvick LU, the revised equity participations will be Providence Resources plc (56.25 percent, operator), Atlantic Petroleum (Ireland) Limited (16.50 percent), Sosina Exploration Limited (8.25 percent), Lansdowne Celtic Sea Limited (9 percent) and Marginal Field Development Company Limited (10.0 percent).



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