Providence gets more time to decide on Barryroe development
- Project & Tenders
Providence Resources P.l.c. has provided a licence update on Standard Exploration Licence (“SEL”) 1/11 and Licensing Option (“LO”) 12/4 which contains the Barryroe oil field and potential field extensions, offshore Ireland.
Providence Resources (80%, Operator) and its partner Lansdowne Oil and Gas plc (“Lansdowne”)(20%) were originally awarded SEL 1/11 and LO 12/4 (collectively referred to as the “Barryroe Licensing Authorisations”) in 2011 and 2012, respectively.
Following agreement from the Minister of Communications, Energy and Natural Resources, the first phase of SEL 1/11 and the term of LO 12/4 have been extended by a further year to July 2015.
Additionally, the Minister has consented to a change of the Operator from Providence Resources P.l.c. to Exola Limited, a 100% owned subsidiary of Providence.
Speaking today, Tony O’Reilly, Chief Executive of Providence said, “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.”