Providence Resources announces commercial discovery

Oil and gas exploration company Providence Resources has today confirmed that the Aje Field in offshore Nigeria has been deemed a commercial discovery by the operating committee.

The partners in the Aje Field have authorised Chevron, as technical advisor to the operator, to prepare a plan for its development.

Providence holds a 5% net revenue interest in the Aje Field with the other partners in the project being Yinka Folawiyo Petroleum Company Limited (Operator), Chevron Nigeria Deepwater H Limited (Technical Adviser to the Operator), Vitol Exploration Nigeria Limited and Energy Equity Resources Aje Limited.

Speaking today Providence chief executive Tony O’Reilly: "We are delighted with the recent resolution of the partners to formally confirm the commerciality of the Aje Field and to authorise Chevron to prepare a development plan.

"These key decisions confirm our long held view with regard to the value of our interest. Whilst this project is material for Providence, our interest in OML 113 offshore Nigeria lies outside of our core focus areas and thus Providence continues to consider all options in relation to this asset."