Providence Resources Plc confirms that, along with its partners, Challenger Challenger Minerals (Celtic Sea) Limited ("CMCSL"), a subsidiary of Transocean Inc., and Sosina Exploration Limited (Sosina), it has been awarded new licence acreage adjacent to its Spanish Point acreage. The Irish Government's Department of Communications, Energy and Natural Resources 2007 Irish Licensing Round announced the results of their 2007 Irish Frontier Licensing Round on March 5th 2008.
Covering 4 blocks, this licence area is situated adjacent to the Spanish Point Licence (FEL 2/04) which holds the Spanish Point gas condensate accumulation and the Burren oil discovery. Providence will operate this licence on behalf of the partners. Plans are now being progressed to conduct a seismic survey on this new acreage.
Commenting on the award, Mr Tony O'Reilly jnr., Chief Executive of Providence said; "This is an important development as this award consolidates our acreage position around the Spanish Point area, which is currently the subject of a farm out programme."