Providence Resources has announced that it has signed a farm-out agreement with Chinese company APEC in respect of the Standard Exploration Licence ("SEL") 1/11 that contains the potentially huge Barryroe offshore field. Providence Resources has announced that it has signed a farm-out agreement with Chinese company APEC in respect of the Standard Exploration Licence ("SEL") 1/11 that contains the potentially huge Barryroe offshore field. SEL 1/11 is operated by Exola (80pc stake), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea, which has a 20pc stake, collectively referred to as the "Barryroe Partners”. Read more: Providence Resources surges on farm-out "This is a significant transaction for Providence and Lansdowne which will deliver multiple new penetrations of the areally extensive Barryroe field," Tony O'Reilly, CEO of Providence, said. "Whilst the Farm-Out Agreement has been agreed specifically for Barryroe, the parties have also agreed to jointly investigate further opportunities in other licensed blocks offshore Ireland in the future."

Source: Irish Independent March 28, 2018 06:45 UTC