Irish government sanctions offshore lease transactions

The Minister of State at Ireland’s Department of Communications, Climate Action and Environment has authorized the assignment of three interests offshore southern Ireland.

Offshore staff

DUBLIN, Ireland – The Minister of State at Ireland’s Department of Communications, Climate Action and Environment has authorized the assignment of the following interests offshore southern Ireland:

• 10% interest in the Dunmore lease undertaking (LU) to Marginal Field Development Co.

• 10% of Providence Resources’ interest in the Helvick LU to Lansdowne Celtic Sea

• 10% in the Helvick LU to Marginal Field Development Co.

On completion of the farm-out agreements, the revised equity standings in the Dunmore LU will be Providence (65.25%, operator), Atlantic Petroleum (Ireland) (16.5%), Sosina Exploration (8.25%) and Marginal Field Development Co. (10%).

For the Helvick LU, the participants will be Providence (56.25%, operator), Atlantic Petroleum (Ireland) (16.5%), Sosina Exploration (8.25%), Lansdowne Celtic Sea (9%), and Marginal Field Development Co. (10%).

Providence also confirms the closure of the acquisition of Atlantic Petroleum (Ireland)’s equity in the frontier exploration license 3/04 (Dunquin South) offshore southwest Ireland.

The revised holdings are Eni Ireland (36.913%, operator), Repsol Exploracion Irlanda (33.557%), Providence (26.846%), and Sosina Exploration (2.684%).

11/06/2017

More in Regional Reports