Eni Now Operator of Irish Licence

Eni has taken over as operator of FEL 3/04 licence, some 170 km off Ireland’s southwest coast, said Providence Resources, its Dublin and AIM-listed partner in the Atlantic Ocean licence on August 8.

This follows previous operator ExxonMobil’s decision to withdraw from FEL 3/04 in mid-2013, after drilling a well there earlier that year.

Remaining partners in FEL 3/04 increased their equity interests through a pro-rata distribution of Exxon's equity interest, such that stakes are now: Eni 36.913%, Repsol 33.557%, Providence 26.846% and UK-listed Sosina Exploration 2.684%. The licence contains the 2013-drilled Dunquin North carbonate build-up, which includes a residual oil column, together with the undrilled Dunquin South exploration prospect.

 Sosina chairman John Odegaard enjoys the smell of oil recovered from the Hook Head appraisal well, offshore southern Ireland(Photo credit: Providence Resources)

The Providence 26.846% figure includes 4% equity acquired from Atlantic Petroleum in July 2015, still subject to the approval of Ireland’s communication, climate action and environment.

Mark Smedley