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