Providence completes farm-out of part of licence to Total
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Ireland-based oil and gas exploration company Providence Resources updated the market on Frontier Exploration Licence (FEL) 2/14 on Friday, confirming that, having received approval from the Minister of State at the Department of Communications, Climate Action and Environment, the farm-out comprising the assignment of 35% equity and transfer of operatorship of the licence to Total E&P Ireland had now completed.
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The AIM-traded firm said FEL 2/14 contained the undrilled Diablo prospect, as well as the drilled Druid and Drombeg prospects.
“The equity in FEL 2/14 is now TOTAL, the operator at 35%, Capricorn at 30% - a wholly owned subsidiary of Cairn Energy - Providence Resources at 28%, and Sosina Exploration at 7%,” the company’s board said in its statement.