Providence Resources — the Tony O’Reilly Jr-led exploration company — has named former Tullow Oil senior executive Pat Plunkett as its chairman.
Mr Plunkett will next week replace James McCarthy in the role of non-executive director. Mr McCarthy will remain as a non-executive director on the Providence board, which is also set to lose former Eir boss Phil Nolan after 12 years’ service.
Mr Plunkett is a former chairman of Tullow Oil and in the last couple of years established — along with four other former Tullow executives — T5 Oil and Gas; an exploration investment firm with designs on being a publicly listed multibillion-dollar company.
In welcoming Mr Plunkett to the board, Mr O’Reilly said: “The board is delighted that Pat has agreed to join us at a very exciting stage of our corporate development. Pat requires no introduction in the E&P [exploration and production] sector and we very much look forward to benefiting from the extensive knowledge and experience that Pat will offer as we move forward with our very exciting programme offshore Ireland.”
Providence recently said it was progressing with farm-out negotiations and had attracted strong interest, to that end, in its leading assets in the Celtic Sea and off the west coast of Ireland.
The company is due to start drilling at one of its west coast prospects next June.
Meanwhile, Europa Oil and Gas — the London-based explorer with significant assets in Irish waters — has raised £600,000 (€696,000) by selling a 3.34% stake in one of its onshore assets in the UK, while retaining a 30% interest.
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