18th Feb 2014 11:27
LONDON (Alliance News) - Providence Resources PLC and Lansdowne Oil & Gas PLC Tuesday said the licence area at their Barryroe Oil Field has been increased after Providence was granted a 180 square kilometre increase in the extent of the standard exploration licence 1/11, which contains the site.
Providence owns 80% of the Barryroe field in the Irish North Celtic Sea, while Lansdowne owns the rest.
Providence said the Irish Minister of State at the Department of Communications, Energy and Natural Resources had granted the extension for the first phase of the exploration licence and subject to further work programme commitments to be undertaken by the Barryroe partners.
The company said the increase in the area of SEL 1/11 recognizes potential field extensions of Barryroe to the south and south-east.
Lansdowne shares were up 3.2% to 19.10 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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