Providence Resources to increase equity stake in SEL 2/11 to 100% (Scandinavian Oil-Gas Magazine)

Providence Resources to increase equity stake in SEL 2/11 to 100%

Published Dec 7, 2015

Providence Resources has agreed to increase its equity stake to 100% in Standard Exploration Licence (SEL) 2/11 with the assignment of a 50% interest from its partner, PSE Seven Heads Limited, which is a wholly owned subsidiary of PSE Kinsale Energy Limited. The assignment is subject to approval from the Minister for Communications, Energy and Natural Resources.

Commenting on the announcement, Tony O'Reilly, Chief Executive of Providence said,'The planned increase in equity in SEL 2/11 demonstrates our ongoing commitment to the Kish Bank Basin, where we are seeking to advance our planned exploration activities.'

Tags: Providence Resources Plc

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