The company will assume San Leon Energy’s 30% working interest in the license located in the Celtic Sea.
In exchange, San Leon will get a 4.5% net profit interest in the license and the deal is subject to Irish governmental approval.
Providence Resources CEO Tony O’Reilly said this transaction makes perfect strategic sense for both companies, allowing each to focus on their respective core areas.
"Providence remains firmly focused on its Irish portfolio, with the Barryroe appraisal well being the first well of its multi-year, multi-basin drilling program," O’Reilly said.
Providence Resources will continue to operate the license in which Lansdowne Oil & Gas will hold the remaining 20% interest.
