11th Mar 2016 08:30
LONDON (Alliance News) - Providence Resources PLC on Friday said progress has been made across its licence portfolio in the Porcupine Basin, offshore south Ireland.
Providence said farm-out talks are ongoing on the Spanish Point field, while the proposed drilling programme for the area is currently subject to regulatory approval. The company added the Irish government has indicated third party licensing option applications have been received for acreage around the Spanish Point area, suggesting interest in the area.
Elsewhere, Providence said post-well technical studies are ongoing at the Dunquin South prospect, while the farm-out process has started for the Druid/Drombeg prospects. At the Newgrange prospect, Providence said the 3D seismic acquisition survey will start on the area later in 2016.
"It is extremely encouraging to see the significant interest being shown in offshore Ireland with last week's announcement of the first phase offered awards of new licensing options to major industry players confirming Ireland as a global exploration focal point," said Tony O'Reilly, chief executive of Providence.
Shares in Providence were untraded on Friday morning, having last traded at 16.05 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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