Providence Resources targets more licences off south coast
Irish oil and gas exploration company Providence Resources is looking to build up a new licence portfolio focused on assets off the south-east coast of Ireland.
Speaking at a remote egm – which saw shareholders formally approve the company’s raising of over €3m in emergency funding mainly from institutional investors – Providence’s chief executive Alan Linn said the company would be open to M&A and swap deal opportunities with regard to proven basins and previously drilled exploration prospects.
He said Providence’s geographical focus will remain solely on Ireland, with a particular concentration on the North Celtic Sea.
Mr Linn – who replaced Tony O’Reilly Jr in January – recently said Providence would likely switch its attention from the west coast to the Celtic Sea. Last month Providence tentatively announced Norwegian player SpotOn Energy as its new development partner for its flagship Barryroe oil and gas field, which lies off the Cork coast.
Necessary appraisal wells could be drilled at Barryroe by the late summer of 2021, with the field potentially producing commercial oil by the middle of 2022.
Mr Linn said Providence also aims to play a part in Ireland’s ultimate transition to greener energy, by becoming active in the area of carbon sequestration and storage and by using Barryroe as an energy production hub.
The new funds Providence has raised will cover the company’s costs and working capital needs until April of next year. The company also hopes to formally complete its Barryroe farm-in deal with SpotOn by the end of October.
