logo-loader

Providence Resources gets consent to transfer Celtic Sea interests

Published: 08:21 02 Nov 2017 GMT

oil and gas operations
It allows the company to conclude previously agreed deals

Providence Resources PLC (LON:PVR) has received the go-ahead to conclude previously agreed partnership deals offshore Ireland.

The Minister of State at the Department of Communications, Climate Action and Environment has given consent for Providence to transfer stakes in certain projects.

READ: Providence Resources details new Barryroe drill programme

It is now able to assign a 10% interest in the Helvick project in the Celtic Sea to Lansdowne Oil & Gas Ltd (LON:LOGP).

The company will also assign 10% of Helvick to Nu-Oil and Gas Plc (LON:NUOG) subsidiary, Marginal Field Development Company Limited, and it will assign 10% in the Dunmore project, also in the Celtic Sea.

READ: Providence Resources confirms Total farm-in to Avalon project

Additionally, the company has been given consent to acquire interests in the Dunquin South project from Atlantic Petroleum, as agreed in July 2015, where it is partnered with Eni and Repsol.

Providence now formally owns 26.846% of Dunquin South.

Providence Resources CEO Alan Scott Linn presents at the Proactive One2One...

Providence Resources CEO Alan Scott Linn presents at the Proactive One2One Virtual Forum. Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence’s shares are quoted on the AIM in...

on 26/10/20