Providence nets 100% interest in George’s Channel licensing option

Oil and gas exploration company Providence Resources has been granted a 100% interest in a new licensing option 05/3 in St George’s Channel, off the south east of Ireland.

The block is adjacent to the existing Dragon gas field, which straddles the international median line where Marathon Oil Corporation is expected to drill an appraisal well during the second half of 2005.

This new licensing option further expands Providence's portfolio of oil and gas discoveries and prospects located off the east, south and west coasts of Ireland.

Providence boss Dr Brian Hillery said: "This new licensing option is of particular interest to Providence given that Marathon will be drilling nearby this year on its Dragon gas field. The licensing option represents an opportunity for Providence to strengthen its existing Irish portfolio in an area from which we believe there may be significant future gas production.”