Providence Resources (PVR) informed investors today that their application to convert their Licensing Option to a Frontier Exploration Licence has received government approval.
With the Minister of State at the Department of Communications, Climate Action and Environment’s approval, PVR and its joint partners are set to carry out that conversion beginnig February 1, 2019.
The Irish based oil and gas exploration company has holds 40% of this license in the southern Porcupine Basin offshore Ireland, containing the undrilled Paleocene “Avalon” exploration prospect.
Should the joint partnership agree to drill an exploration well on Avalon, the project’s operator TOTAL will pay 60% of the drilling costs, subject to a gross well cap of $42 million.
PVR’s Technical Director Dr. John O’Sullivan commented: “Avalon is a very large and exciting prospect, which lies adjacent to Dunquin North, and the JV Partners look forward to progressing it further under the Operatorship of TOTAL.”
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