Providence Resources receives revised holding in Porcupine Basin

Irish-based oil and gas exploration company Providence Resources updated the market on Frontier Exploration Licence 3/04 on Monday.

The AIM-traded firm said the licence lies in 1,500 metre-deep water in the southern Porcupine Basin and is 170 km off the south west coast of Ireland.

It contains the 2013-drilled Dunquin North carbonate build-up, which Providence said hosts a residual oil column, together with the undrilled Dunquin South exploration prospect.

“Following ExxonMobil's election to withdraw from FEL 3/04, and subsequent ratification by the Minister [for Communications, Climate Change and Natural Resources], the remaining partners in FEL 3/04 have increased their equity interests in the licence through a pro-rata distribution of ExxonMobil's equity interest with Eni assuming the role of operator,” Providence’s board said in a statement.

“Accordingly, the revised equity interests in FEL 3/04 are now Eni Ireland [36.913%], Repsol Exploracion Irlanda [33.557%], Providence Resources [26.846%] and Sosina Exploration Limited [2.684%].”