Cairn delays Spanish Point appraisal (Ireland)

Capricorn, a subsidiary of Cairn Energy will delay the appraisal well drilling at the Frontier Exploration Licence (FEL) 2/04, which is located in the Spanish Point area, 175 km off the west coast of Ireland in the northern Porcupine Basin. The well was originally planned for 2015.

Capricorn is the operator of the block with 38% stake, with partners Providence Resources (58%), and Sosina Exploration (4%).

In an announcement today, the Operator has advised that an appraisal/exploration well on (FEL) 2/04, has been deferred, pending discussions with partners and the Government of the Republic of Ireland.

Commenting on today’s announcement, Tony O’Reilly, Chief Executive of Providence said:

“This delay to drilling follows recent unforeseen changes to the make-up of the joint venture and the consequent delay to the securing of equipment and other necessary requirements.

“As stated previously, Providence’s involvement in the well was subject not only to equipment availability, but also to either further financing or concluding a farm out with a third party company. Discussions with interested third parties in relation to Spanish Point continue and further announcements will be issued, as appropriate.”

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