Separately, Providence has agreed to assign a 10% non-operated interest in the Helvick oil field, contained in Standard Exploration License (SEL) 2/07 in the North Celtic Sea Basin, to Lansdowne Oil and Gas.
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% in SEL 2/07 license of the Helvick oil field.
The partners have commenced planning for a new 3D seismic survey over the eastern flank of Barryroe following the agreement of this revised Barryroe equity participation,.
This survey, which is expected to be acquired during the first half of 2011, will be used to plan for an appraisal/pre-development well designed to progress Barryroe to first oil.
The company said that earlier studies have indicated that complex reservoir architecture together with the waxy nature of the Barryroe crudes could pose a challenge to commercial development.
The partners have also commenced discussions with other Irish operators on potential rig availability for a pre-development well on Barryroe in 2011.
