Providence hopeful of more deals after landing partner

Providence Resources and Europa Oil and Gas – two of the most active exploration companies in Irish waters – are confident of further deal activity after both landing development partners for assets they hold off the west coast of the country.

Scottish explorer Cairn Energy – through its Irish subsidiary Capricorn – has agreed to farm into assets held by both companies, who have been trying to attract development partners for some time.

Cairn will take a 30% stake in Frontier Licence 2/14 held by Providence in the southern Porcupine Basin. This licence holds the Druid prospect Providence is committed to drilling at in June, as well as the neighbouring Drombeg prospect.