The 48/19-2 discovery well is situated about 30km off the south coast of Ireland in 100mt water depth. Discovered in 1992, this well is estimated to have an in place resource potential of up to 300MMBO.
Tony O’Reilly, chief executive of Providence Resources, said: “We are pleased to have secured this license. Whilst technically challenging, we believe that the Baltimore oil accumulation deserves further review given the current sustained higher oil pricing environment together with the recently announced progress on similar oil accumulations in the North Sea.
“As heavy/unconventional oil is a new business focus for Providence, the analysis will be carried out through Exola Limited, our new special purpose vehicle, in which any future developments will be financed separately from the parent company.”
