Providence Resources P.l.c., the oil and gas exploration and development company whose shares are listed in London (AIM) and Dublin (IEX), announces that it has been awarded part-blocks 110/9b (Split) and 110/14b (Split) in the Morecambe Bay area of the East Irish Sea, under the United Kingdom's 24th Seaward Licensing Round.
These part-blocks adjoin Providence's existing licence interest (Licence P.099 covering blocks 110/14d and 110/14c), which contains the West Lennox and Crosby prospects. Under the terms of the award, Providence will take a 25% stake in a consortium comprising Challenger Minerals, Inc., First Oil Expro, Dyas Ltd and Atlantic Petroleum. These companies are also involved in Licence P.099.
Commenting on today's announcement, Tony O'Reilly Jnr, Chief Executive of Providence, said:
"We are particularly delighted to have been awarded these part-block interests, further consolidating our acreage position in the East Irish Sea. In addition to the prospects of Licence P.099, we have identified potential leads in the new acreage. Working with our partners, we will now look to establish the development potential of existing discoveries as well as new prospects in this prolific hydrocarbon region.".
