Providence smiling after Irish licence granted

Two AIM listed oil explorers, Providence and Lansdowne, are celebrating after receiving a two year licensing option offshore Ireland.

Providence Resources and its partner Lansdowne Oil and Gas have been offered a new licensing option over five part-blocks covering 500 square kilometres adjacent to the Barryroe oil field in the North Celtic Sea.

Providence owns an 80% stake in the blocks and will be the operator for the drilling campaign, the largest such offshore project in Ireland's history. Lansdowne owns the remaining 20% of the option.

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Speaking today, Tony O'Reilly, Chief Executive of Providence said: "We are extremely pleased to have been offered this option over a substantial acreage position directly north and west of the currently defined Barryroe oil field.

"This new option has increased our acreage position in the most prospective central part of the basin."

Providence was up 0.5% at 10:19, Lansdowne had gained 0.75%.

BS