Providence Resources today announced an agreement with Sosina Exploration in relation to its Hook Head and Blackrock operations in the Celtic Sea.
Under agreement with the Government, Sosina will hold a 5 per cent stake in the licences, while Providence's stake will remain at 40 per cent.
Providence has also taken delivery of a drilling rig from Island Oil and Gas in anticipation of its appraisal drilling programme at the Hook Head prospect in the Celtic Sea.
Providence Resources is an independent gas and oil exploration company that trades on the the AIM in London and the IEX in Dublin. The company's portfolio includes offshore operations in Ireland, Britain, the United States and Nigeria.