Providence Resources has announced it has been granted a licensing option in the North Celtic Sea basin for several blocks adjoining the Seven Heads gas field off the coast of County Cork.
The blocks contain large and potentially oil and gas bearing structures. Under an agreement with its UK based partner, Midmar Energy, Providence has retained a 50% interest, with Midmar paying for the costs of undertaking an agreed work programme.
Providence also retains the right, exercisable at any time during 2003, to increase its interest to 75% by contributing an equivalent percentage of costs towards the work programme. The work programme includes a review, analysis and re-interpretation of existing data enabling decisions to be made on forward plans for these blocks.
The Seven Heads gas field is currently being developed by Ramco.
