Exploration company Providence Resources has been granted a two year extension to its Barryroe project, off the coast of Ireland.
In a statement, the company said the Minister for Communications, Climate Action and Environment granted the extension for the Standard Exploration Licence 1/11 that contains the Barryroe oil accumulation.
The area lies in about 100 metre water depth in the North Celtic Sea Basin, some 50km off the south coast of
Providence said the extension is subject to the carrying out of a work programme that includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the licence area.
Tony O'Reilly said the extension to the Barryroe licence provides additional security of tenure while the company continue the farm-out process.
"The extension work programme includes evaluating the deeper exploration potential of the licence, which offers exciting upside, over and above the substantial resources already identified in Barryroe," Mr O'Reilly said.