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Providence Resources and Total to advance Avalon exploration offshore Ireland

Avalon is among a number of potential high impact exploration projects in Providence's portfolio in Ireland's Atlantic margin
oil and gas operations
Avalon will be taken into the next phase of exploration

Providence Resources PLC (LON:PVR) has told investors that its Total-led joint venture will continue to advance the Avalon exploration project, in the Atlantic waters off Ireland’s west coast.

The explorer, in a statement, said that the partners have elected to apply to the Irish authorities to convert Licence Option 16/27, which hosts Avalon, into a Frontier Exploration Licence (FEL).

READ: Providence Resources set for value catalysts thanks to Barryroe breakthrough

"We are very pleased that the JV Partners, under the Operatorship of Total, have elected to convert the Avalon Licensing Option into a Frontier Exploration Licence,” said Dr John O’Sullivan, Providence technical director.

“We look forward to progressing our work on the Avalon prospect and will provide further updates as and when appropriate."

Providence owns a 40% stake in Avalon, while project operator Total has 50% and Sosina Exploration retains 10%.

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