Providence's Irish Lease Farmdowns Approved
UK and Ireland-listed explorer Providence Resources provided an update November 2 on leases offshore southern Ireland.
It said the government in Dublin has approved assignment by Providence of stakes in the Helvick and Dunmore lease undertakings (LUs) in the North Celtic Sea Basin and Dunquin South, located in FEL 3/04 on the offshore southern Porcupine Basin.
The assignments concern a 10% interest in the Dunmore LU to Manchester, UK-based Marginal Field Development Company Limited (MFDevCo), and two 10% interests in the Helvick LU – one each to MFDevCo and a subsidiary of Ireland-based Lansdowne Oil & Gas.
On completion, equity in the Dunmore LU will be Providence operator 65.25%, Atlantic Petroleum 16.5%, Denmark-based Sosina 8.25% and MFDevCo 10%; while Helvick LU equity will be Providence operator 56.25%, Atlantic Petroleum 16.5%, Sosina 8.25%, Lansdowne 9% and MFDevCo 10%.
MFDevCo says the Dunmore discovery, made by Gulf Oil in the mid-1980s, flowed 2,100 b/d oil of high quality (44° API), while the Helvick discovery well drilled 1983 flowed 9,900 b/d oil and 7.5mn ft3/d.
Providence also confirmed that the acquisition of Atlantic Petroleum’s equity in FEL 3/04, first announced July 2015, has now been completed – with revised equity participations in FEL 3/04 being Eni as operator 36.913%, Repsol 33.557%, Providence 26.846% and Sosina 2.684%.
Helvick and Dunmore lease undertakings offshore southern Ireland (Map credit: MFDevCo)
Mark Smedley