Providence increases Celtic Sea stake

Irish exploration company Providence Resources plc has exercised its option to increase its equity interest in the Celtic Sea.

It will increase Licensing Option 03/1 to 75% from 50% after buying a stake from its partner Midmar Energy Ltd.

Providence paid about €260,000 for the additional 25% interest.

Licensing Option 03/1 contains the Blackrock prospect plus a number of other identified prospects and exploration leads nearby.

In a statement issued today, the company said: "Based on analysis of the 2003 Blackrock work programme results, management estimates that the Blackrock prospect could contain an unrisked potential recoverable volume of up to 613 million barrels of oil."