Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence (FEL) 2/14.
Providence has confirmed that, having received approval from the Minister of State at the Department of Communications, Climate Action and Environment, the farm-out comprising the assignment of equity (35%) and transfer of operatorship of FEL 2/14 to TOTAL E&P Ireland B.V., a wholly owned subsidiary of TOTAL S.A., has now completed. FEL 2/14 contains the undrilled Diablo prospect as well as the drilled Druid & Drombeg prospects.
The equity in FEL 2/14 is now TOTAL (Operator - 35%), Capricorn (30%), a wholly owned subsidiary of Cairn Energy PLC, Providence Resources P.l.c. (28%) and Sosina Exploration Limited (7%).