Providence Resources P.l.c. provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/19. FEL 2/19 is located in the southern Porcupine Basin, offshore Ireland and contains the undrilled Paleocene “Avalon” exploration prospect. FEL 2 /19 lies adjacent to FEL 3/04 in which Providence also has an interest.

Providence Resources Ireland assets (Map source: KeyFacts Energy)

Following a decision by TOTAL E&P Ireland B.V., a wholly owned subsidiary of TOTAL S.A., to withdraw from FEL 2/19, Providence confirms that the Minister of State at the Department of Communications, Climate Action and Environment has approved the assignment of TOTAL’s equity (50%) to Providence and Sosina, as well as the transfer of Operatorship to Providence. Accordingly, the revised equity in FEL 2/19 is now Providence (Operator - 80%) and Sosina Exploration Limited (20%).

Commenting on the announcement, Tony O’Reilly, Chief Executive at Providence, said:
“We are obviously sad to see TOTAL withdraw from the Irish sector in general and Avalon specifically as they have been an excellent partner over the past few years. TOTAL did some great technical work as Operator of FEL 2/19 where the JV recently acquired new 3D seismic data. Providence and Sosina will now continue with the evaluation of this data in conjunction with a new farm-out process to bring in a suitable industry partner to assist in a future drill decision for the Avalon prospect.”

Link to Providence Resources Ireland country profile