LONDON (Alliance News) - Irish oil and gas exploration company Providence Resources PLC on Monday said it had received government consent to progress to the second phase of work at its FEL 2/14 licence off the south west coast of Ireland.
The licence, which is located in the southern Porcupine Basin, is operated by Providence on behalf of its partner Sosina Exploration Ltd. Providence has an 80% stake, whilst Sosina holds the remaining 20%.
The Irish Minister of State for the Department of Communications, Climate Action and Environment gave consent for the second phase of the licence, subject to the completion of an agreed work programme.
In November Providence inked a contract to procure a Stena IceMAX drill-ship for an exploration well on the licence during 2017. Other key service contracts are now being finalised for the drilling operations for its planned 53/6-A exploration well on the Paleocene Druid prospect on the licence, Providence said.
This well is currently planned to spud in June 2017, Providence said.
"We are pleased to have received this confirmation from the government on the licence progression, as we continue to move forward with all the necessary works to enable the drilling of this high impact exploration well during summer 2017," said Chief Executive Tony O'Reilly in a statement.
Shares in Providence were trading flat at 17.12 pence Monday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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