Providence Resources provides an update on Standard Exploration Licence 1/11 that contains the Barryroe oil field and which is operated by Exola Limited (80%), a wholly owned Providence subsidiary, on behalf of its partner Lansdowne Oil & Gas (20%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off the south coast of Ireland.

The Barryroe partners have been granted a 2-year extension to the term of the first phase of SEL 1/11 (to July 2017) as well as an extension to the term of the second phase (to July 2019) by the Minister for Communications, Energy & Natural Resources. The areal extent of SEL 1/11 has also been increased by c. 118 km2 to accommodate for mapped potential extensions of the Barryroe accumulation into an adjacent area that had been formerly held by Exola and Lansdowne within Licensing Option 12/4, which has now lapsed.

Tags: Providence Resources Plc