Providence Resources acquires new exploration licence in St George’s channel
Providence Resources (LON:PVR) this morning announced that it has been offered a new exploration license in the United Kingdom.
The licence is the UK seaward block 103/1, which covers an area in the St George's Channel Basin, offshore between South Wales and Ireland. And it adds to the firm's position in the UK and Ireland.
The block contains the Dragon gas discovery.
"We are very pleased to have been offered this UK block, which is adjacent to Irish licence SEL 1/07 which Providence operates 100 per cent," said chief executive Tony O'Reilly.
"The Dragon gas discovery is mapped to lie within both the UK and Irish sectors and the award of this new block will allow Providence to move forward with the drilling of its planned appraisal well."
Providence will have a 50 per cent stake in the licence and its partner Star Energy Oil & Gas.
The new licence award comes as Providence is in the early stages of a long multi-well drill campaign in the waters around Ireland.
The first well in this programme is targeting the Barryroe discovery. The well was spudded in late November and drilling is scheduled to be completed before the end of January.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
