Providence Resources P.l.c. provide an update on Licensing Option 11/11 (Newgrange). Providence Resources (80%, Operator) and Sosina Exploration (20%) were awarded Newgrange as part of the 2011 Irish Atlantic Margin Licensing Round. The Newgrange area lies in c. 1,000 metre water depth in the Goban Spur Basin and is c. 260 km off the south west coast of Ireland.

Having made the mandatory 25% areal relinquishment, the Newgrange partners have been offered a follow-on Frontier Exploration Licence (FEL) 6/14 by the Minister of State at the Department of Communications, Energy and Natural Resources. The principal element of the forward work programme is the acquisition of a 1,000 km 2D seismic survey over the area and survey planning has already commenced.

Tags: Providence Resources Plc