Exploration company Providence Resources has increased its stake in the Barryroe oil discovery in the Celtic Sea off Ireland. The company will also become the operator of the project.
Separately, Lansdowne Oil and Gas is to take a 10% stake in Providence's Helvick oil field.
Subject to Irish Government approval, Providence will now have 50% of Barryroe, San Leon Energy 30% and Lansdowne 20%. Providence will now hold 62.5% of Helvick.
After agreeing the deal, Providence and Lansdowne have started reed planning for a new seismic survey over the eastern flank of Barryroe. This will be used to plan for an appraisal well designed to move Barryroe towards first oil production.
