A consortium of three Irish oil and gas companies has been awarded an exploration licence for the North Celtic Sea basin off the south coast of Ireland.
Lansdowne Oil & Gas, the AIM-listed exploration company focused on offshore Ireland has a 40 per cent stake in the Barryroe licence; Island Oil & Gas has a 30 per cent stake while Providence Resources has the remaining 30 per cent share.
The licence covers acreage lies directly below the Seven Heads Gas Field. In statements confirming the licence award, the companies said previous wells had tested oil at between 1,300 and 1,600 barrels per day of light crude.
Lansdowne will act as the operator up to and including the acquisition of any seismic data and Providence will then become the operator for any drilling and development work.