Withdrawal of Total and Assignment of Equity & Transfer of Operatorship in FEL 2/19 to Providence

Source Press Release
Company Providence Resources PLCSosina Exploration LtdTotal 
Tags Licensing Rounds, Asset Deals, Deals, Exploration, Upstream Activities
Date November 27, 2019

Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy  Company, provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/19.  FEL 2/19 is located in the southern Porcupine Basin, offshore Ireland and contains the undrilled Paleocene “Avalon” exploration prospect. FEL2/19 lies adjacent to FEL3/04 in which Providence also has an interest.

Following a decision by TOTAL E&P Ireland B.V. (“TOTAL”), a wholly owned subsidiary of TOTAL S.A., to withdraw from FEL 2/19, Providence is pleased to confirm that the Minister of State at the Department of Communications, Climate Action and Environment has approved the assignment of TOTAL’s equity (50%) to Providence and Sosina, as well as the transfer of Operatorship to Providence.  Accordingly, the revised equity in FEL 2/19 is now Providence (Operator - 80%) and Sosina Exploration Limited (20%). 

Commenting on the announcement, Tony O’Reilly, Chief Executive at Providence, said:

We are obviously sad to see TOTAL withdraw from the Irish sector in general and Avalon specifically as they have been an excellent partner over the past few years.  TOTAL did some great technical work as Operator of FEL 2/19 where the JV recently acquired new 3D seismic data.  Providence and Sosina will now continue with the evaluation of this data in conjunction with a new farm-out process to bring in a suitable industry partner to assist in a future drill decision for the Avalon prospect.”

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd