The company’s subsidiary Exola will farm into 60% of the southern portion of Offshore Petroleum Lease 1 (OPL 1) below 4,000 ft (1,219 m) TVDSS, currently held by PSE Kinsale Energy. This is adjacent to the Providence-operated Barryroe oil field.
In exchange, Exola will fund drilling of an exploration well in the Option Area to evaluate the resource potential of the basal Wealden reservoir interval.
The northern portion of OPL 1 (not included in the deal) contains the PSE-operated Kinsale gas field and related production infrastructure.
Tony O’Reilly, CEO of Providence, said: “This represents a unique opportunity to test a potential eastern extension of the Barryroe oil field.”
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