Exploration company Providence Resources has said it has started a farm out process to divest up to 32% of its interest in the Spanish Point area.
This will leave Providence with a 26% interest in the site, which is off the west coast of the country.
Providence said that an appraisal well programme for Spanish Point is now being planned for 2017.
“Following the recent closure of the 2015 Irish Atlantic Margin bidding round, which attracted record industry interest, this divestment process represents an excellent opportunity for a third party to acquire a material, non-operated equity stake in a large Irish offshore project with near term appraisal drilling, combined with further appraisal and exploration upside," commented John O’Sullivan, Technical Director of Providence.
"The proposed drilling programme is being managed by established operator Cairn Energy and is expected to take advantage of the recent fall in global offshore drilling and service costs," he added.
