Irish rebound possible for oil, gas explorer Providence

24 Jun 2016   Ireland

After agreeing to a program aimed at raising capital, Irish oil and gas company Providence said it would examine frontier area oil and gas prospects. Providence said it was offered a license in the frontier basins off the Irish coast in the Atlantic Ocean. John O’Sullivan, the company’s technical director, said in a statement the option in the Porcupine basin offshore has displayed characteristics that so far demonstrate “the presence of an active petroleum system in this area.” The Irish government offered 14 licensing options after wrapping up its 2015 auction for the Atlantic earlier this month. That built on the 28 options awarded during round one, which concluded in February. Last year, junior explorer Europa Oil & Gas said preliminary data found prospective resources of 1.49 […]

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