Star offered stake in Dragon

Providence Resources has signed a 10-month option agreement with Star Energy Group concerning an exploration license offshore south-east Ireland.

Offshore staff

DUBLIN -- Providence Resources has signed a 10-month option agreement with Star Energy Group concerning an exploration license offshore south-east Ireland.

Providence currently has 100% ownership of Standard Exploration License (SEL) 1/07 (Dragon) in the St George’s Channel basin.

The permit is in 90-m (295-ft) water depth, around 40 km (25 mi) offshore. It contains the mapped extension of the Welsh offshore Dragon gas discovery into Irish waters, as well as the deeper Orpheus and Pegasus exploration prospects.

Under the option agreement, Star can acquire a non-operated 50% interest in the license by conducting subsurface studies on the Dragon gas discovery. If it exercises this option, it will participate in drilling of a planned appraisal/development well.

11/16/2010

More in Company News