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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
