LONDON (Alliance News) - Oil companies Lansdowne Oil & Gas PLC and Enegi Oil PLC Wednesday both welcomed a decision by ABT Oil & Gas Ltd to farm into the Helvick oil field and Dunmore oil discovery off the coast of Ireland.
ABT Oil & Gas is a joint venture between Enegi and ABTechnology Ltd. It will take a 50% stake in the fields in return for completing a work programme up to submitting a formal development plan for the site.
Lansdowne Oil & Gas has a 10% stake in the Helvick field under and agreement with Providence Resources PLC, one of the other owners of the fields.
Lansdowne shares were down 2.8% at 36.7 pence Thursday afternoon, while Enegi Oil was down 0.3% at 8.1 pence. Providence Resources was up 0.3% at 293 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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