Providence Resources had agreed to acquire Atlantic Petroleum’s 4% stake in frontier exploration license (FEL) 3/04 in the southern Porcupine Basin offshore Ireland, Providence Resources said in a news release.
As a result of the transaction, which is still subject to ministerial approval, Providence’s equity in FEL 3/04 will increase from 16% to 20%, the release said.
The current principal prospect within FEL 3/04 is the interpreted Lower Cretaceous Dunquin South carbonate prospect, Providence said in the release. The ExxonMobil operated 44/23-1 Dunquin North exploration well, which was drilled in FEL 3/04 during 2013, encountered an approximately 44-m residual oil column in a massive porous over-pressured Lower Cretaceous carbonate reservoir, the release said.
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