Oil and gas explorer Providence Resources has been given permission to farm out interests for operations in the southern Porcupine Basin offshore Ireland.
The firm gave the updates in regard to the Helvick and Dunmore Lease Undertakings (LU), located in the North Celtic Sea Basin and Dunquin South, Frontier Exploration Licence (“FEL”) 3/04.
The Minister of State at the Department of Communications, Climate Action and Environment has given his consent for the assignment of a 10% interest in the Dunmore LU to Marginal Field Development Company Limited.
In addition 10% of Providence’s interest in the Helvick LU will go to Lansdowne Celtic Sea Limited while another 10% interest in the Helvick LU will go 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 P.l.c. (65.25%, Operator), Atlantic Petroleum (Ireland) Limited (16.50%), Sosina Exploration Limited (8.25%) and Marginal Field Development Company Limited (10.0%).
For the Helvick LU, the revised equity participations will be Providence Resources P.l.c. (56.25%, Operator), Atlantic Petroleum (Ireland) Limited (16.50%), Sosina Exploration Limited (8.25%), Lansdowne Celtic Sea Limited (9%) and Marginal Field Development Company Limited (10.0%).
Providence also confirmed that the acquisition of Atlantic Petroleum (Ireland) Limited’s equity in FEL 3/04, announced in July 2015, has now closed, following satisfaction of all conditions, including the consent of the Minister of State at the Department of Communications, Climate Action and Environment.
The revised equity participations in FEL 3/04 are Eni Ireland BV (36.913%, Operator), Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%).