Licence Update - Kish Bank Basin
Wednesday 16 November 2016
Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the “Company”), today provides an update regarding the Licence located in the Kish Bank Basin, offshore the east coast of Ireland. The Company holds and operates the Licence (100%) which contains the Lower Triassic Sherwood Sandstone Kish Prospect that is situated in c. 25 metre water depth and is c. 6 km offshore.
The Minister of State for the Department of Communications, Climate Action and Environment has given his consent to extend the first phase of the Licence by two years until 17th August 2018 and an overall extension of one year to the licence term until 17th August 2020. Such extensions should allow for the planning, consent and drilling of an exploration well on the Kish Prospect within the first phase of the Licence. The Company has also voluntarily relinquished 55.39% of the area under the Licence considered to be unproductive.
Commenting on the announcement, Tony O’Reilly, Chief Executive of the Company said:
“These phase extensions to SEL 2/11 are very welcome as they should allow us to progress the Kish Prospect to drilling given the lead time in consenting for a near shore activity. We will now commence work on our foreshore licence submission, which will be a precursor to any further work leading up to the drilling of the Kish Prospect”