Providence confirm Hook Head drilling

Providence have announced that drilling at their Hook Head site is set to commence.

The company have taken delivery of the Petrolia semi submersible drilling rig from Island Oil and Gas Plc in anticipation of its upcoming appraisal drilling programme at the Hook Head prospect in the Celtic Sea. Under the terms of its rig share agreement with Island Oil and Gas Plc, Providence has secured the Petrolia for a 5-day drilling slot.

Providence has also agreed a new farm-out agreement with Sosina Exploration Limited over Celtic Sea Standard Exploration Licences 2/07 (‘Hook Head’) & 3/07 (‘Blackrock’). Subject to Irish governmental approval of this agreement, Sosina Exploration Limited will hold a 5% stake in these licences. Providence’s equity stake will remain at 40%, with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate Resources Inc at 15% with Challenger Minerals (Celtic Sea) Limited holding a 15% interest.

Tony O’Reilly Jnr, chief executive of Providence said: "These are 2 extremely positive developments for our Hook Head drilling operations."