Providence Resources has provided an update regarding Frontier Exploration Licence (FEL) 2/14 in the southern Porcupine Basin. FEL 2/14 is located c. 220 km off the south-west coast of Ireland and is situated in c. 2,250 metre water depth. The licence is operated by Providence Resources (80%) on behalf of its partner Sosina Exploration (20%) and contains the Paleocene Druid and Lower Cretaceous Drombeg exploration prospects.
As part of the ongoing operational build-up to the drilling of a planned exploration well on the Druid prospect in 2017, the Company recently completed an evaluation of available and capable deep-water drilling units through a rig tender process. This process identified a number of suitable units. Pursuant to EU procurement rules, the Company has now issued a Letter of Intent to the leading contender for the provision of these services. The parties will now proceed to finalise a contract over the coming weeks and a further update will be provided in due course.
Mr. Tony O'Reilly, Chief Executive of Providence Resources said: 'This is another key milestone for our planned drilling at Druid, further demonstrating the progress that we are making in pursuing the continued development of our significant portfolio offshore Ireland.'
