Providence Adds Six More Blocks to UK Portfolio

London- and Dublin-listed Providence Resources has announced that it has been offered a frontier exploration licence over six blocks in the Rathlin Basin as part of the 26th oil and gas licencing round of the UK government. 

The licence, granted for an initial six-year period, is granted to Providence's wholly owned subsidiary, PR Singleton Ltd. Providence will act as operator of the licence and will hold a 100 per cent equity interest in the project.

Providence says it will now begin technical studies to determine the hydrocarbon potential within the basin which is located offshore from Northern Ireland. The company will be required to drill a well on the blocks in order to be granted any extension to the initial licence.

Providence says the licence puts the company in a leading position in the Rathlin Basin.

"We are very pleased to have been offered additional offshore acreage in the Rathlin Basin, which in conjunction with the licence secured over Rathlin Island in 2010, gives Providence the leading offshore acreage position in this emerging basin," Chief Executive of Providence Tony O'Reilly said.

"Providence has a clear corporate focus to evaluate the main hydrocarbon basins off the island of Ireland, and this new offshore acreage complements our already substantial portfolio, where we now have licence interests in eight distinct basins."