Irish government sanctions offshore lease transactions
The Minister of State at Ireland’s Department of Communications, Climate Action and
Environment has authorised the assignment of the following interests offshore southern Ireland:
- 10% interest in the Dunmore lease undertaking (LU) to Marginal Field Development Company
- 10% of Providence Resources’ interest in the Helvick LU to Lansdowne Celtic Sea
- 10% in the Helvick LU to Marginal Field Development Company
On completion of the farm-out agreements, the revised equity standings in the Dunmore LU will be Providence (65.25%, operator), Atlantic Petroleum (Ireland) (16.5%), Sosina Exploration (8.25%) and Marginal Field Development Company (10%).
For the Helvick LU, the participants will be Providence (56.25%, operator), Atlantic Petroleum (Ireland) (16.5%), Sosina Exploration (8.25%), Lansdowne Celtic Sea (9%), and Marginal Field Development Company (10%).
Providence also confirms the closure of the acquisition of Atlantic Petroleum (Ireland)’s equity in the frontier exploration licence 3/04 (Dunquin South) offshore south-west Ireland.
The revised holdings are Eni Ireland (36.913%, operator), Repsol Exploracion Irlanda (33.557%), Providence (26.846%), and Sosina Exploration (2.684%).