Providence and Repsol each hold 40% stakes in the licensing option, which contains the Newgrange exploration prospect, 250 kilometres off the south west coast of Ireland.
Repsol had broad expertise in deepwater drilling as well as recent successes in carbonate exploration elsewhere in the Atlantic basins made it the logical operator, Providence said in an announcement.
In an announcement, Providence chief executive Tony O’Reilly said the Newgrange project partners were already working together on the nearby Dunquin exploration prospect, on which drilling is expected to start in the second quarter of 2013.
“The
