Exploration company Providence Resources has signed a ten month option agreement with Star Energy in relation to its licence in the St George's Channel Basin, offshore south-east Ireland.
The Dragon licence is situated in about 90 metres of water and is located about 40km offshore. It contains the mapped extension of the UK Dragon gas discovery into Irish waters, as well as the deeper Orpheus and Pegasus exploration prospects
The new deal will see Star acquire a non-operated 50% interest in the Dragon Licence in return for carrying out a number of subsurface studies.
The deal is still subject to approval from the Government.
