DUBLIN, Ireland – Providence Resources is in fam-out discussions with SpotOn Energy on exploration license SEL1/11 in the Celtic Sea offshore southern Ireland.
The license includes the Barryroe oil and gas field. SpotOn Energy has confirmed that binding term sheets are now in place with six consortium participants in the field’s appraisal and development project, and that it is working with Providence to finalize the work program.
Once agreement has been reached, SpotOn Energy will manage the Barryroe development.
The consortium comprises industry service and supply companies said to hold experience in projects similar to Barryroe, a conventional shallow-water development.
Providence CEO Alan Linn said: “Barryroe is one of the largest undeveloped oil and gas fields in Europe… When fully developed [it] can provide Ireland with locally produced long-term energy security.”