Firms awarded Irish Atlantic margin licenses

10/31/2011
The Irish energy ministry has awarded license options in the country's 2011 license round on Ireland's Atlantic margin, which has a proven petroleum system but lacks sizable discoveries. The license options have a 2-year term after which they may be converted into frontier exploration licenses that have four 3-year phases with a well commitment at the end of the first phase. Providence Resources PLC was awarded operated blocks in four areas in various groups of bidding participants. The blocks are in 400-3,000 m of water. Providence won eight blocks under License Option 11/11 in the Newgrange area of the Goban Spur basin with 40% interest. Its partners are Repsol YPF 40% and Sosina Explor...
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