Tuesday, August 26 17:36:44
Tony O'Reilly, chief executive of Providence Resources, told shareholders today that the Barryroe farm-out process is nearing completion.
Providence owns 80pc of the Barryroe project, alongside partner Lansdowne Oil and Gas, which has the other 20pc, while San Leon Energy (formerly a partner) retains a net production interest of 4.5pc.
Providence revealed in the first week of August that it had secured a one year extension to the current exploration phase of the Barryroe licence as well as an option over adjacent acreage, and O'Reilly said at that time he was confident a deal would be consummated in the near future.
"Our drilling plans for 2015 are advancing well across the portfolio. Our Spanish Point partners are currently seeking a rig for 2015 drilling, and we are also progressing our Barryroe pre-development drilling plans for next summer," Mr O'Reilly said.
Spanish Point is located off the coat of the west of Ireland; Cairn, with a 38pc stake, is the operator, while Providence has 32pc and Chrysaor 26pc.
Elsewhere, appraisal drilling by a third party operator on the onshore part of the Rathlin Basin, which offsets Providence's Polaris oil prospect, is currently planned for the first quarter of 2015.
"Our shallow water, high potential, Kish Bank oil prospect, offshore Dublin, is technically drill-ready and we are continuing to pursue the required consents to proceed with operations on this exciting prospect. We have also discussed a phased development approach to the Dragon gas field with both UK and Irish regulators and are currently carrying out 3D PSDM seismic reprocessing as part of the pathway to future drilling and ultimate development of the field," Mr O'Reilly added.
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