Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an operational update regarding Frontier Exploration Licence (FEL) 3/04 located in the southern Porcupine Basin. FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners Repsol Exploracion Irlanda SA (33.557%), Providence Resources (26.846%*) and Sosina Exploration Limited (2.684%), collectively referred to as the "JV Partners". The licence contains the undrilled Lower Cretaceous "Dunquin South" carbonate exploration prospect.
The JV Partners previously agreed to underwrite and licence new multi-client 3D seismic data which were to be acquired by third party seismic contractor CGG over FEL 3/04 in 2017. The Operator has now confirmed that the 3D acquisition has finished over FEL 3/04.
* Includes 4.0% equity acquired from Atlantic Petroleum in July 2015, which is subject to approval of the Minister of Communication, Climate Action and the Environment.
