Providence seeks to convert Avalon prospect to exploration licence

Irish-based oil and gas exploration firm Providence Resources said its joint partners are seeking to convert the Avalon exploration prospect off the west coast of Ireland into a frontier exploration licence.

Avalon is located in the southern Porcupine Basin, 150km off Ireland's coast. It is operated by Total E&P Ireland, which has a 50 per cent stake, on behalf of its partners Providence Resources, which has a 40 per cent stake, and Sosina Exploration Limited, whcih holds the remaining 10 per cent.

A frontier exploration licence is an exploration licence that covers areas so specified by the Minister, and compels the holder to commit to at least one exploration well to proceed to the second phase.

“We are very pleased that the JV Partners, under the Operatorship of Total, have elected to convert the Avalon Licensing Option into a Frontier Exploration Licence,” said Providence technical director Dr John O’Sullivan. “We look forward to progressing our work on the Avalon prospect and will provide further updates as and when appropriate.”