Providence set for full ownership of offshore Ireland license

Offshore staff

DUBLIN, IrelandProvidence Resources will double its equity to 100% in standard exploration license 2/11 offshore eastern Ireland.

This follows the assignment of a 50% interest from its partner, PSE Seven Heads, a subsidiary of PSE Kinsale Energy.

Tony O’Reilly, Providences’ CEO, said the planned increase “demonstrates our ongoing commitment to the Kish Bank basin, where we are seeking to advance our planned exploration activities.”

The transaction remains is subject to approval by Ireland’s Minister for Communications, Energy and Natural Resources.

12/04/2015

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