Providence farms out 25% stake in Celtic Sea discovery

PROVIDENCE Resources has farmed out an initial 25% stake in its Nemo “heavy oil” discovery in the Celtic Sea to London-based company Nautical, with an option for the British company to increase that share to 65% and assume operator status, by the end of next year.

In return for the initial stake Nautical will fund and undertake a focused work programme on the development feasibility of the Nemo discovery, of which Providence currently controls 72.5%.

Nautical is rapidly becoming one of the leading “heavy oil” producers in western Europe and owns 40% of Providence’s total Baltimore heavy oil discovery in the Celtic Sea.