Providence Resources Plc ("Providence") is pleased to announce that, pursuant to its agreement with ExxonMobil Exploration and Production Ireland (Offshore) Limited ("ExxonMobil") and Sosina Exploration Limited ("Sosina"), it has been formally advised that ExxonMobil will assume the role of Operator in respect of Frontier Exploration Licence ("FEL") 3/04. This licence, which covers certain blocks containing the Dunquin exploration prospect, is located in the Porcupine Basin, off the west coast of Ireland. ExxonMobil will assume Operatorship with effect from March 31st 2008.
ExxonMobil holds an 80% equity interest in FEL 3/04, with Providence and Sosina each having a 16% and 4% stake respectively. Providence (which has acted as Operator of the licence since November 2004) and Sosina have each welcomed this transfer of Operatorship, as it progresses the phased exploration programme as was agreed as part of the original ExxonMobil farm-in.
FEL 3/04 covers five offshore blocks, and contains the Dunquin exploration prospect. Since licensing the area in November 2004, as part of the Irish government's Porcupine Licencing Round Initiative, the partners have carried out extensive geological studies over the licence area, including the acquisition and processing of over 1,500 km of long offset 2D seismic reflection data.
