Oil and gas exploration firm Providence Resources has been offered a petroleum exploration licence over Northern Ireland's Rathlin Island. The licence was granted by the North's Department of Enterprise, Trade and Investment.
The initial licence term is for five years with a decision on a well commitment required within three years. Some oil was recovered there during testing and Rathlin is the company's first exploration licence in Northern Ireland.
Providence will carry out a number of technical studies on the subsurface geology during the first three years to determine the oil potential and will operate the licence with a 100% equity interest.
'Providence has a clear corporate focus to evaluate the hydrocarbon potential of the island of Ireland and this new licence over Rathlin complements our substantial Atlantic Margin and Irish Sea acreage portfolio,' commented Providence chief executive Tony O'Reilly.
