Exploration company Providence Resources has been awarded an offshore Atlantic license option, along with its bidding partners, in the latest Atlantic Margin Licensing Round.
The Providence-led group has been offered Licensing Option 16/27 over a 1,324 km2 area in the Porcupine Basin, offshore Ireland.
The option area is located about 150km off the west coast of Ireland and is situated in about 1,300 metre water depth.
The company said it was "delighted" to have secured this option over Avalon, which it said further demonstrates its growing position in the emerging Porcupine Basin Paleocene play.
"We are particularly encouraged with Avalon given its similarities to the nearby Druid prospect as well as its location adjacent to the Dunquin North residual oil accumulation which demonstrates the presence of an active petroleum system in this area," commented the company's Technical Director John O'Sullivan.
Earlier this week, Providence said it would raise over $76m through a share placing and open offer that will secure its financial future and allow it to drill in the increasingly high profile Atlantic margin.
A $68.4m share placing sees Providence issuing new shares to institutional and other investors at a price of 12p, while a €4.84m open offer is intended to give existing shareholders the opportunity to participate in the funding on the same terms.
The company's CEO Tony O'Reilly said the new funding will completely restructure Providence's balance sheet and remove any financial instability.
