Providence Resources, the Irish oil and gas exploration and appraisal company, has been granted an extension to the Licensing Option (LO 13/04), located offshore Ireland.

The company said Tuesday that the extension was for 18 months, which should allow for the completion of a number of technical studies, most importantly of which is a Lower Jurassic source rock expulsion model.

According to Providence, LO 13/04 contains the Silverback exploration prospect which has been mapped as a significant Mesozoic structural closure with an associated STOIIP of 1.36 BBO (PMean).

The block is situated in the South Celtic Sea Basin, c. 125 km off the south coast of Ireland, in 100 meters water depth. Providence is the operator with a 100% share. The extension, granted by the Irish Minister of State at the Department of Communications, Energy and Natural Resources, runs until November 30th 2016.

Tony O’Reilly, Providence CEO said: “We are pleased to have been granted this 18-month extension to the Silverback Licensing Option which will allow us to complete the important source rock modelling studies.”

Source: www.offshoreenergytoday.com

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