Providence Resources is pleased to provide an update on Licensing Option 13/04 which is located in the South Celtic Sea Basin, c. 125 km off the south coast of Ireland. LO 13/04 is situated in c. 100 metre water depth and is operated by Providence (100%).
Providence has been granted an 18-month extension to Licensing Option 13/04 by the Irish Minister of State at the Department of Communications, Energy and Natural Resources until November 30th, 2016. LO 13/04 contains the Silverback exploration prospect which has been mapped as a significant Mesozoic structural closure with an associated STOIIP of 1.36 BBO (PMean). The additional time granted by the Minister will allow for the completion of a number of technical studies, most importantly of which is a Lower Jurassic source rock expulsion model.
Tony O'Reilly, Providence CEO commented,'We are pleased to have been granted this 18-month extension to the Silverback Licensing Option which will allow us to complete the important source rock modelling studies.'