Resources P.l.c., the AIM listed and Dublin IEX listed oil & gas exploration and production company, announces that, in conjunction with interest owners ExxonMobil and Sosina, it has been awarded 15 new blocks under a Licencing Option in the Goban Spur area, off the west coast of Ireland, by the Minister for Communications, Marine and Natural Resources. This follows a joint application made by the partnership in June 2006, under the open acreage provisions of the 1992 Licencing Act.
The composition of the partnership is as follows: -
ExxonMobil Exploration & Production (Offshore) Ireland: 80%
Providence Resources Plc: 16% (operator)
Sosina Exploration Limited: 4%
The Licencing Option extends over Blocks 61/17, 18, 19, 20, 22, 23, 24 & 25 & 62/21 over the Goban Graben and Blocks 61/14, 15, 62/11, 16, 17, & 22 over the Goban Spur Basin; and covers a total area of approximately 4,000sq. km. The Licencing Option has a duration of 3 years, at which point an application can be made for a standard exploration licence, which carries a well commitment. Located approximately 300 km offshore, the Licencing Option area is approximately 150 km due south of the Dunquin Prospect, which Providence operates as part of a partnership with ExxonMobil and Sosina.
As part of the work programme, in support of the application for the Licencing Option, the partnership agreed to carry out a 500 km long offset 2-D seismic survey over the area, together with gravity and magnetic data acquisition.
Speaking today, Tony O'Reilly Jnr., Chief Executive of Providence Resources P.l.c., said:
"The securing of this Licencing Option represents yet another important part of Providence's stated growth and development programme, and represents positive news for the Irish offshore industry. Providence, ExxonMobil and Sosina are already involved in an extensive work programme at the adjacent Dunquin Prospect, and this award further demonstrates our real commitment to exploration, off the west coast of Ireland".