Providence Resources confirms that the Aje Field, in OML113, offshore Nigeria has been deemed a commercial discovery by the operating committee. Accordingly, the partners in the Aje Field have authorised Chevron, as Technical Advisor to the Operator, to prepare a Development Plan for development of the Aje Field.

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.

Tony O'Reilly, Chief Executive of Providence, said, "We are delighted with the recent resolution of the Partners to formally confirm the commerciality of the Aje Field and to authorize 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."

Tags: Providence Resources Plc