Irish oil and gas exploration and production company Providence has been offered a petroleum exploration licence over Rathlin Island in Northern Ireland.
The licence has been offered by the Department of Enterprise, Trade and Investment in response to a recent application made by Providence.
The initial licence term is for five years with a decision on a well commitment required within three years.
Providence has committed to carry out a number of technical studies of the subsurface geology during the first three years to determine the petroleum potential and inform the decision on the well commitment. Providence will operate the licence with a 100 per cent equity interest.
“We are delighted to be offered our first exploration licence in Northern Ireland. Providence has a clear corporate focus to evaluate the hydrocarbon potential of the island of Ireland and this new licence over Rathlin complements our substantial Atlantic Margin and Irish Sea acreage portfolio," said Providence chief executive Tony O'Reilly.