Exploration company Providence Exploration says it has agreed a farm-out deal to advance its Baltimore heavy oil discovery, off the coast of Ireland.
UK independent oil and gas firm Nautical Petroleum will acquire a 40% interest in the licence in return for funding a development feasibility review. Providence retains the balancing 60%.
The deal for the site in the North Celtic Sea Basin is subject to approval from the Government.
Nautical is currently involved in a number of similar heavy oil field developments in the UK North Sea including the Kraken discovery and Mariner, which is operated by Statoil.
