Providence Resources provide an update on Licensing Option 11/9 ("LO 11/9" or "Drombeg"). Providence (80%, Operator) and Sosina Exploration (20%) were awarded Drombeg as part of the 2011 Irish Atlantic Margin Licensing Round. The 872 MMBO REC (P50) Lower Cretaceous Drombeg prospect lies in c. 2,500 metre water depth and is c. 3,000 metres below the seabed. The prospect is situated in the southern Porcupine Basin, c. 220 km off West Cork, being c. 70 km from the Dunquin exploration prospect which was drilled during 2013.
Providence has recently been awarded a follow-on Frontier Exploration Licence, (FEL) 2/14, over Drombeg, having made a mandatory 25% areal relinquishment. The principal element of the forward work programme is the acquisition of a 500 km2 3D seismic survey over the prospect, with survey planning having already commenced.