Providence Resources says that through its wholly owned subsidiary, Exola Limited, Providence has entered into an exclusive option agreement with PSE Kinsale Energy Limited over the southern portion of Offshore Petroleum Lease 1, which is immediately adjacent to the Barryroe oil field in the North Celtic Sea Basin.

Under the terms of the option, Exola will have the right to earn a 60% working interest in the southern portion of OPL 1 below 4,000' TVDSS (true vertical depth subsea), through the 100% funding and drilling of an exploration well in the Option Area to evaluate the resource potential of the basal Wealden reservoir interval. For clarity, the Option does not cover the northern portion of OPL 1 which contains the producing Kinsale gas field and related infrastructure and is owned and operated by PSE Kinsale Energy Limited.

Tags: Providence Resources Plc