4th Dec 2015 09:22
LONDON (Alliance News) - Irish oil and gas company Providence Resources PLC on Friday said it has agreed to acquire the remainder of the SEL 2/11 licence in the Kish Bank Basin in the Irish Sea.
Providence will increase its equity stake in the licence to 100% by taking over the 50% held by its partner, PSE Seven Heads Ltd, which is owned by PSE Kinsale Energy Ltd, an Irish oil and gas firm.
No financial details on the agreement were disclosed.
"The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities," said Providence Chief Executive Tony O'Reilly.
On Thursday, Providence Resources had said its Exola Ltd subsidiary has signed an exclusive option agreement with PSE Kinsale Energy covering the southern part of the OPL 1 licence.
The OPL 1 licence is located immediately adjacent to the Barryroe oil field that Providence is working in the north Celtic Sea basin, which is off the south coast of Ireland.
Shares in Providence were up 1.7% to 16.65 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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