Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company (“Providence” or the “Company”), today provides a licence update on 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 P.l.c. (26.846%) and Sosina Exploration Limited (2.684%), collectively referred to as the “FEL 3/04 Partners”. The licence contains the undrilled Lower Cretaceous “Dunquin South” carbonate exploration prospect as well as the adjacent “Dunquin North” carbonate build-up, which hosts a residual oil column.
Having completed the interpretation of the newly acquired 3D seismic data, the FEL 3/04 Partners have now approved the 2019 Work Programme & Budget to include the acquisition of a well site survey over the Dunquin South prospect.
Commenting today, Tony O'Reilly, Chief Executive Officer of Providence Resources said:
“We are very pleased to confirm that the Dunquin partners have approved the budget for the acquisition of a well site survey over Dunquin South, which is a prerequisite for the drilling of an exploration well on this high impact exploration prospect. We look forward to keeping all stakeholders updated on the forward plans for this licence.”