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Friday, 09 January, 2009, 12:50 GMT | more >>

Providence and Challenger team up



By Upstream staff 

Irish explorer Providence Resources has sealed a farm-out deal with GlobalSantaFe unit Challenger Minerals (CMI) coveringh Licensing Options 03/8 and 03/1, in the Celtic Sea, off Ireland.

Under the terms of the deal, CMI will pay 26.7% of the costs of this year's seismic programme to farm in to 20% of Providence's Celtic Sea interests.

Thereafter, CMI will be responsible for 20% of all future licence, drilling and development costs. As a result of this farm-out, Providence will retain 75% with its partner, Midmar Energy Limited, holding 5%.

The Celtic Sea interests include the Blackrock, Ardmore, Helvick, Hook Head, and Dunmore finds in Block 50/6 and 7, as well as the Glandore prospect. Under the terms of the agreement, CMI have been granted an option, exercisable until 31 October 2006, to farm in to an additional 20% stake in these interests.


Tuesday, 05 September, 2006, 08:18 GMT  | last updated: Wednesday, 28 March, 2007, 08:51 GMT

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