Providence strengthens position in Irish permit

Offshore staff

DUBLIN, Ireland -- Providence Resources has agreed to acquire San Leon Energy’s 30% working interest in a Celtic Sea license off southern Ireland.

The transaction will lift Providence’s stake in Standard Exploration License 1/11 from 50% to 80%.

In exchange, San Leon will receive a 4.5% net profit interest in the concession, where appraisal drilling is under way on the Barryroe oil discovery.

12/27/2011