Repsol's 25% of Dunquin licence

Providence Resources says Spanish oil group Repsol has farmed into Providence’s Irish licence. As part of the deal, Repsol’s Irish subsidiary will acquire a 25 per cent equity interest in the Dunquin licence, taking 12.5 per cent from Italian energy group Eni and the remainder from ExxonMobil Exploration and Production Ireland.

This will leave ExxonMobil and Eni with a 27.5 per cent interest each in the licence. Providence and Sosina will have 16 per cent and 4 per cent.

Dunquin covers five blocks in the South Porcupine Basin off the southwest coast.