Providence given more time to assess Barryroe potential offshore Ireland
The Irish government has granted a two-year extension of standard exploration license 1/11 in the North Celtic Sea basin, 50 km (31 mi) offshore southern Ireland.
Exola DAC, a wholly-owned Providence Resources subsidiary operates the license which contains the undevelopedBarryroe oilfield, in partnership with Lansdowne Celtic Sea. Water depth is around 100 m (328 ft).
The first phase of the license now runs to July 2019, with the overall term finishing in July 2021.
The partners will now evaluate reprocessed 3D seismic and assess the Jurassic and Triassic exploration potential of the license area.
Tony O’Reilly, CEO of Providence, said the extensions “provide additional security of tenure whilst we continue the farm-out process. The Barryroe partners are in dialogue with a number of parties regarding advancing the appraisal of Barryroe through to first oil.
“The extension work program includes evaluating the deeper exploration potential of the license, which offers exciting upside, over and above the substantial resources already identified in Barryroe.”