Exploration company Providence Resources today announced it had been granted a 100 per cent interest in a licensing option off the south east of Ireland.
The new licensing option is in the St George's Channel Basin off the coast of Wexford.
It is at 100 metres water depth and covers some 850 square kilometres beside an existing Providence option that contains the the Dionysus and Pegasus prospects The gas field Dragon is also adjacent to the option.
Providence chairman Dr Brian Hillery said: "This new licensing option is of particular interest to Providence given that Marathon will be drilling nearby this year on its Dragon gas field.
"The licensing option represents an opportunity for Providence to strengthen its existing Irish portfolio in an area from which we believe there may be significant future gas production," he added.