www.providenceresources.com
The combination of board and management talent, together with Providence's major shareholder worldwide network, presents a unique ability to succeed on the international stage. Providence has appropriate experience in the financing of large developments and is well equipped to plan and access finance for a wide range of activities and projects. Providence has established banking relations with a number of leading international financial institutions.
Since its formation, Providence has built a diversified portfolio of oil and gas exploration licences and concessions with the key focus being the pursuit of exploration and appraisal interests offshore Ireland. The Company’s board and management have a well-established background in the oil and gas business having worked closely with many major companies throughout the world. Providence works with leading companies including ExxonMobil, Repsol, ENI, Petronas, Chrysaor and Nautical Petroleum.
Providence Resources secures 6 new exploration blocks offshore Northern Ireland
Providence Resources (LON:PVR) said its wholly owned UK subsidiary PR Singleton Ltd has been offered a frontier exploration licence over six blocks in the Rathlin Basin, offshore Northern Ireland.
The licences were awarded by the UK government's Department of Energy & Climate Change (DECC) as part of the second tranche of awards under the UK's 26th seaward oil and gas licensing round which was announced on December 30 2011.
The initial licence phase is for six years with a well required to be drilled within this term in order to progress to the next phase.
Providence said it has has committed to carry out a number of technical studies on the hydrocarbon exploration potential to inform on the drillable opportunities within the licence area.
It will operate the licence with a 100 percent equity interest.
Chief executive Tony O'Reilly said: "We are very pleased to have been offered additional offshore acreage in the Rathlin Basin, which in conjunction with the licence secured over Rathlin Island in 2010, gives Providence the leading offshore acreage position in this emerging basin.
“Providence has a clear corporate focus to evaluate the main hydrocarbon basins off the island of Ireland, and this new offshore acreage complements our already substantial portfolio, where we now have licence interests in eight distinct basins," he added.
Providence is an Irish based oil and gas exploration company whose shares are traded on London’s AIM market and on Dublin's ESM market.
Its portfolio of production, appraisal and exploration assets includes licence interests in Ireland (offshore) and the United Kingdom (onshore). Last year Providence announced plans to invest with its partners upwards of US$500 million in the drilling of a number of exploration and development wells in 6 different basins offshore Ireland.
This multi-year programme, which commenced in November 2011, represents the largest drilling campaign ever carried out offshore Ireland.
