New licence for Providence Resources

PROVIDENCE Resources, controlled by the family of Independent News & Media boss, Tony O’Reilly, has secured a new licence close to the Seven Heads Gas Field off Kinsale.

Providence has a 30% stake in the licence granted to Lansdowne which has a 40% stake with Island Oil & Gas holding the other 30% share. Lansdowne will operate the licence for the period of time up to and including the acquisition of any seismic data.

Providence will then take charge of any drilling and development activities, if the programme delivers a commercial oil find, it said.