LONDON (Alliance News) - Ireland-based oil and gas company Providence Resources PLC said Wednesday that its joint venture partners in the licensing option 16/27 have decided to apply to the government to convert the option into a frontier exploration licence.
LO 16/27 contains the undrilled Paleocene exploration prospect, known as Avalon, and is located in the Porcupine Basin, offshore Ireland. Total E&P Ireland BV holds a 50% operating interest, with Providence holding 40% and Sosina Exploration Ltd 10%.
The application was made to the Minister of State of the Department of Communications, Climate Change and Action.
"We are very pleased that the joint venture partners, under the operatorship of TOTAL, have elected to convert the Avalon licensing option into a frontier exploration licence. We look forward to progressing our work on the Avalon prospect and will provide further updates as and when appropriate," said Technical Director John O' Sullivan.
Shares in Providence Resources were up 2.7% at 11.50 pence on Wednesday.