Flag day: for Providence
Providence gets cracking at Blackrock
Irish explorer Providence Resources has landed a new exploration licence covering the Blackrock find in the Celtic Sea.
The company, which is listed in Dublin and on London's AIM market, added that it has also agreed to three further farm outs at EL 3/07, which hosts the Blackrock find, with Dyas, Atlantic Petroleum and Forest Gate Resources.
Providence said the Irish authorities had granted EL 3/07 over part blocks 48/29, 48/30 & 49/26 in the North Celtic Sea basin. EL 3/07 is a successor licence to Licencing Option 03/1, which holds the Blackrock oil discovery.
The first farm out will see Dutch company Dyas take a 15% stake in EL 3/07. Atlantic will take 10%, while Forest Gate takes a 15% slice.
The deals are subject to regulatory approval.
Once the deals get the nod, Providence’s stake in EL 3/07 will be reduced to 40%, while its most recent farm-in partner, Challenger Minerals will retain a 15% interest. Midmar Energy Limited will also hold 5%.