Renewed Interest in Irish Acreages?

Providence Resources announced on Friday that it has agreed to increase its equity stake to 100% in Standard Exploration Licence (SEL) 2/11 in the Irish Sea, with the assignment of a 50% interest from a wholly owned subsidiary of PSE Kinsale Energy.

“The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities,” Tony O’Reilly, Chief Executive of Providence, commented in a statement. 

On Thursday, Exola, a subsidiary wholly owned by the Irish-based oil and gas exploration company, entered into an exclusive option agreement with PSE Kinsale Energy over the southern portion of Offshore Petroleum Lease 1. 

"Under the terms of the option, Exola will have the right to earn a 60% working interest in the southern portion of OPL 1 below 4,000’ TVDSS (true vertical depth subsea), through the 100% funding and drilling of an exploration well in the Option Area to evaluate the resource potential of the basal Wealden reservoir interval," Providence Resources wrote on its website. 

PSE Kinsale Energy Limited, formerly Marathon Oil Ireland, was acquired by Malaysia’s Petronas in April 2009. 

Earlier this year, Shell E&P confirmed its commitment to the Corrib gas project, saying that at peak production the field could supply up to 60% of Ireland’s gas needs. The field is some 83 kilometres off the northwest coast of Ireland.