Providence Resources in discussions for partner on Newgrange prospect
Exploration company has begun Newgrange survey operations ahead of schedule
A Providence Resources oil rig operating on a prospect 50km from Cork. Photograph: Finbarr O’Rourke/Providence Resources/PA Wire
Irish oil and gas exploration company Providence Resources is in discussions to assign equity in one of its licenses off the south west coast of Ireland to a third party for development.
The Newgrange prospect, which is located 260km off Ireland’s southwest coast, is the subject of “commercial discussions in relation to a potential farm out of equity”, the company said on Monday.
In an update to the stock exchange, Providence added that a survey vessel – the MV Kommandor – has been mobilised as the company gears up to collect data as it pursues an application for an offshore exploration well.
“We are pleased to confirm the commencement of the Newgrange site survey operations some two months ahead of schedule,” said Dr John O’Sullivan, Providence’s technical director.
The Newgrange prospect – about 1,000 metres deep – forms part of frontier exploration licence 6/14, which is operated by Providence on behalf of its partner Sosina Exploration Limited, which has a 20 per cent interest in the prospect.