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Providence Resources offered new licensing option

By BFN News | 08:48 AM | Thursday 09 August, 2012


Providence Resources, the Irish oil and gas exploration and production company, has announced that, together with its partner Lansdowne Oil and Gas it has been offered a new licensing option over five part blocks adjacent to the Barryroe oil field, by the Irish Department of Communications, Energy and Natural Resources. Licensing Option 12/4 is located to the north and west of the Barryroe oil field (held under SEL 1/11) and covers an area of around 500 km2. The option has a two year term after which it may be converted into a standard exploration licence which would involve the commitment to drill a well. Providence (80%) will operate the option on behalf of its partner, Lansdowne (20%). The main elements of the proposed work programme involve assessing the prospectivity of the Barryroe Basal Wealden sand play across the Option area. Tony O'Reilly, Chief Executive of Providence said: "We are extremely pleased to have been offered this option over a substantial acreage position directly north and west of the currently defined Barryroe oil field. "This new option has increased our acreage position in the most prospective central part of the basin. Our work programme has been designed to assess the potential of any extensions of the Barryroe field into the option area, together with determining whether any further satellite accumulations may exist close to the fields that warrant investigation." At 8:48am: (LON:PVR) PROVIDENCE Resources share price was +5.5p at 622.5p Story provided by StockMarketWire.com

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