Providence Resources Plc, the AIM (London) and IEX (Dublin) listed oil & gas exploration and production company, announces that:
• Providence has agreed a new farm-out agreement with Sosina Exploration Limited over Celtic Sea Standard Exploration Licences 2/07 ('Hook Head') & 3/07 ('Blackrock'). Subject to Irish governmental approval of this agreement, Sosina Exploration Limited will hold a 5% stake in these licences. Providence's equity stake will remain at 40%, with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate Resources Inc at 15% with Challenger Minerals (Celtic Sea) Limited holding a 15% interest.
• Providence and its partners have taken delivery of the Petrolia semi submersible drilling rig (the "Petrolia") from Island Oil and Gas Plc in anticipation of its upcoming appraisal drilling programme at the Hook Head prospect in the Celtic Sea. Under the terms of its rig share agreement with Island Oil and Gas Plc, Providence has secured the Petrolia for a 50 - day drilling slot.
Tony O'Reilly Jnr., Chief Executive of Providence said:
"These are 2 extremely positive developments for our Hook Head drilling operations.
The arrival of the Petrolia drilling rig into our possession means that we are about to commence our appraisal drilling at our Hook Head prospect. A further announcement regarding this drilling programme will be made imminently.
I am also very pleased to announce the addition of Sosina Exploration to our Celtic Sea Drilling Partnership. Sosina are already well-established partners, working with Providence and ExxonMobil at Dunquin and in the Goban Spur as well as with Providence and Challenger Minerals Inc at Spanish Point. We welcome them into our partnership at this most exciting time.'
