Irish government sanctions offshore lease transactions

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