Providence Resources

Providence Resources reported that its Exola subsidiary and Lansdowne Celtic Sea have signed a farmout agreement with privately owned APEC for drilling prospects on Standard Exploration License 1/11 in the north Celtic Sea Basin off the south coast of Ireland. APEC will be responsible for bearing 50% of the drilling cost of three vertical wells—plus associated sidetracks as needed—and half of the well-testing cost. In return, the company will obtain a 50% working interest in the license, which holds the Barryroe oil accumulation. APEC Chairman Colin Lui described Barryroe as a field with “significant recoverable resources.”