Providence agrees 60% interest in Celtic Sea basin option

Option obtained by subsidiary is adjacent to the producing Barryroe oil field

The option does not cover the northern portion, which contains the producing Kinsale gas field

The option does not cover the northern portion, which contains the producing Kinsale gas field

 

Irish oil and gas exploration company Providence Resources has said its subsidiary Exola has entered into an exclusive agreement to acquire a 60 per cent interest in an option which is adjacent to the Barryroe oil field in the North Celtic Sea Basin.

Providence said that under the three-year deal with PSE Kinsale Energy, Exola will have the right to earn a working interest in the southern portion of Offshore Petroleum Lease 1 (OPL1).

The option does not cover the northern portion, which contains the producing Kinsale gas field.

Providence chief executive Tony O’Reilly welcomed the announcement, describing the deal as a “unique opportunity to test a potential eastern extension of the Barryroe oil field.”

Providence, which is listed in Dublin and London, has a portfolio of oil and gas assets located offshore Ireland and the UK.