Barryoe Partners granted two-year extension for exploration contract offshore Ireland

DUBLIN and LONDON -- Providence Resources Plc, an Irish-based exploration company, has provided an update on the standard exploration license (SEL) 1/11 that contains the Barryroe oil accumulation. SEL 1/11 is operated by Exola DAC (80%), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea Limited (20%), collectively referred to as the “Barryroe Partners”. The area lies in c. 100-m water depth in the North Celtic Sea Basin and is c. 50 km off the south coast of Ireland.

The Barryroe Partners have been granted a two-year extension to the term of the First Phase of SEL 1/11 to July 2019 and overall term to July 2021 by the Minister for Communications, Climate Action & Environment subject to the Barryroe Partners carrying out a work program that includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the lisence area.

Speaking today, Tony O’Reilly, Chief Executive of Providence said, “We are very pleased to be granted these extensions to the Barryroe licence, which provides additional security of tenure whilst we continue the farm-out process. The Barryroe partners are in dialogue with a number of parties regarding advancing the appraisal of Barryroe through to first oil."