- 2 New Licence Areas Awarded Covering 13 blocks
- ExxonMobil to be Operator
Providence Resources Plc confirms that, along with its partners, ExxonMobil Exploration and Production Ireland (Offshore) Limited ("ExxonMobil") and Sosina Exploration Limited (Sosina), it has been awarded two additional licences in the Porcupine Basin off the west coast of Ireland. The Irish Government's Department of Communications, Energy and Natural Resources 2007 Irish Licensing Round results were announced by Eamon Ryan TD, Minister for Communications, Energy and Natural Resources on 5 March 2008.
The licences are located in water depths exceeding 6,500 feet, and together comprise 13 blocks and an area totaling 760,000 acres. A number of potential leads have been identified across the two licences, including a prospect known as "Drombeg".
The new awards bring Providence's and its partners' Porcupine Basin interest to 18 exploration blocks plus an option for an additional 15 blocks, giving ExxonMobil, Providence and Sosina an expanded exploration position in the basin. ExxonMobil has been awarded Operatorship of the two new licence areas and will apply its global leadership geoscience and deep water drilling capability to these Irish operations.
Commenting on the award, Tony O'Reilly Jnr., Chief Executive of Providence said;
"We are very pleased to have been awarded these new licence areas in the Porcupine Basin. As in the past, we will evaluate these blocks in conjunction with our partners, in order to assess whether the area warrants future drilling. We are particularly encouraged by the work to date on the Drombeg feature, and hope that the planned work programme will help to further mature this opportunity"
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