Ireland OKs Helvick, Dunmore interest reassignment

Irish government has given its approval for the assignment of Providence Resources’ interest in blocks in North Celtic Sea basin, offshore Ireland, to Marginal Field Development Company (MFDevCo) and Lansdowne.

Providence said on Thursday that the Irish Minister of State at the Department of Communications, Climate Action, and Environment approved the assignment of interest equity interest in Helvick and Dunmore lease undertakings (LU), located in the North Celtic Sea Basin.

To remind, a farm-in agreement between Marginal Field Development Company (MFDevCo), then known as ABT Oil & Gas, and Providence was announced on November 13, 2013. Providence then, on behalf of its partners, applied to convert that part of SEL 2/07 into a lease undertaking.

According to Thursday’s statement, 10% interest in the Dunmore LU went to MFDevCo, and 10% of Providence’s interest in the Helvick LU went to Lansdowne Celtic Sea Limited. Another 10% interest in the Helvick LU was awarded to also MFDevCo.

On completion of the associated farm-out agreements, the revised equity participation in the Dunmore LU will be: Providence with 65.25% as the operator, Atlantic Petroleum with 16.50%, Sosina Exploration with 8.25%, and MFDevCo with the remaining 10.0%.

For the Helvick LU, the revised equity participation will see Providence have 56.25% and operatorship, Atlantic Petroleum with 16.50%, Sosina Exploration with 8.25%, Lansdowne Celtic Sea will hold 9%, and MFDevCo will hold the final 10.0%.

 

Dunquin South (FEL 3/04)

Also on Thursday, Providence said the acquisition of Atlantic Petroleum’s 4% equity in FEL 3/04, located in the southern Porcupine Basin, has closed, following satisfaction of all conditions.

As a result, the operator Eni has 36.913% interest, Repsol holds 33.557%, Providence has 26.846%, with Sosina holding the remaining 2.684%.

It is worth reminding that Eni took over operatorship of FEL 3/04 following a withdrawal by ExxonMobil in August 2016.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply