Providence to drop permit over Irish error

Dalkey woes: Providence Resources boss says 'undue delays' were in prospect for licence

Irish explorer Providence Resources has agreed to temporarily hand back its SEL 2/11 foreshore licence off Dublin after being told a potential error in Irish law could expose the permit to a lengthy court challenge.

Chief executive Tony O’Reilly said that the oversight “left the licence open to legal challenge, which could have resulted in undue delay in the company carrying out its proposed activities”.

The Dublin- and AIM-listed explorer said that it and partner Petronas had taken the decision to give back the permit awarded on SEL 2/11 last September, after talks with Irish government officials.

In the talks with the environment ministry, “it became clear that there were certain elements of the EU environmental impact assessment directive were not transposed correctly in 1999 by the…

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