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Providence Receives Approval for Assignment of 30% equity in FEL 2/14

Source: www.gulfoilandgas.com 6/5/2017, Location: Europe

Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence (FEL) 2/14.

Providence is pleased to confirm that the Minister of Communications, Climate Action and Environment has given his consent to the transfer of 30% equity in FEL 2/14 to Capricorn Ireland Limited (Capricorn), a wholly owned subsidiary of Cairn Energy PLC (Cairn). This follows on from the previously announced (RNS of March 8, 2017) Farm-in by Capricorn where Capricorn will partner in the upcoming Druid & Drombeg 53/6-A well, scheduled for late June.

The revised equity in FEL 2/14 is now Providence (Operator - 56%), Capricorn (30%) and Sosina (14%).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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