Additional Information
Market: AIM
Sector: Oil & Gas Exploration & Production
EPIC: PVR
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Providence Resources
www.providenceresources.com

Providence Resources is an Irish based upstream oil and gas company active in the exploration and development of hydrocabon assets offshore Ireland and the United Kingdom.

Providence Resources: Atlantic Petroleum joins Dunquin venture

22nd May 2013, 10:43 am by Jamie Ashcroft
Drilling began on the Dunquin well about a month ago and the programme is expected to run for several months. Drilling began on the Dunquin well about a month ago and the programme is expected to run for several months.

 

Providence Resources (LON:PVR) has a new partner in the ExxonMobil led Dunquin exploration project offshore Ireland.

Exxon has sold a 4% stake in the venture to Atlantic Petroleum, a Faroe Island based oil firm, though the value of the deal was not disclosed.

Drilling began on the Dunquin well about a month ago and the programme is expected to run for several months.

The ExxonMobil operated well is being drilled by the large Erik Raude deep water rig. The Cretaceous target is estimated to host between 1.7bn and 3.7bn barrels of oil equivalent, in what is believed to be a Cretaceous target akin to the high profile discoveries off the coast of West Africa.

Exxon retains a 25.5% stake in the project, while ENI and Repsol own 27.5% and 25% respectively. Providence has a 16% stake and minor partners Atlantic Petroleum and Sosina in turn own 4% and 2%.

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