Providence Resources: Operational Update Frontier Exploration Licence 6/14 Newgrange
Tuesday 8 May 2018
Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provided an update on Frontier Exploration Licence (“FEL”) 6/14 that contains the Newgrange Prospect. FEL 6/14 is operated by Providence Resources P.l.c., on behalf of its partner Sosina Exploration Limited (20%), referred to as the Newgrange Partners and is situated in c. 1,000 m water depth being c. 260 km off the south-west coast of Ireland.
The Newgrange Partners have awarded a contract to Gardline for the acquisition of a new high resolution 2D reflection seismic survey over the crest of the Newgrange prospect whilst also providing data suitable for input to an application for the permitting of an offshore exploration well. Gardline plan to mobilise the M/V Kommandor vessel, which is expected to carry out the data acquisition during Q3 2018, subject to regulatory consent.
Commercial discussions in relation to a potential farm-out of equity in the licence are continuing.