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LONDON (Alliance News) - Providence Resources PLC Thursday said the first phase of its exploration licence and licencing option at the Barryroe oil project off the coast of Ireland has been extended for a further year to July 2015.
The Irish oil and gas exploration and development company said that the Minister of Communications, Energy and Natural Resources has agreed to the extension and also consented to a change of the operator from Providence Resources to one of its subsidiaries, Exola Ltd.
?We are very pleased to receive these procedural extensions to our Barryroe Licensing Authorisations. The change in operatorship has been done to facilitate ongoing commercial discussions in relation to the next phase of operations on the Barryroe Field," Chief Executive Tony O'Reilly said in a statement.
Providence has an 80% stake in the site, while Lansdowne Oil and Gas PLC holds a 20% stake and San Leon Energy PLC has a 4.5% net production interest on the full field, after it sold a 30% stake in December 2011.
Providence shares were up 6.6% to 109.50 pence, Lansdowne shares were up 1.2% to 10.75 pence and San Leon Energy shares were down 1.2% to 2.52 pence on Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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