Providence Resources Inks Farm-In Pact with Total
07 June 2017 - 5:20PM
Dow Jones News
LONDON--Providence Resources PLC (PZQA.DB) said Wednesday it and
partner Sosina Exploration Ltd. have entered into a farm-in
agreement with Total S.A. (FP.FR) and Cairn Energy PLC (CNE.LN) for
licensing option 16/27.
The Irish oil company and Sosina have also separately entered
into an exclusive option agreement with Total for Frontier
Exploration License 2/14.
Under the 16/27 farm-in agreement, Total E&P Ireland BV will
acquire 50% working interest and operatorship of the license. Cairn
Energy unit Capricorn Ireland Ltd. will have the right to acquire
20% working interest in the license from Providence and Sosina.
Under the 2/14 option agreement, Total E&P Ireland has the
option and the right, but not the obligation, to acquire 35%
interest in the license for $27 million.
The 16/27 and 2/14 licenses are located offshore Ireland.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
June 07, 2017 03:05 ET (07:05 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Capricorn Energy (PK) (USOTC:CRNCY)
Historical Stock Chart
From May 2024 to Jun 2024
Capricorn Energy (PK) (USOTC:CRNCY)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Capricorn Energy PLC (PK) (OTCMarkets): 0 recent articles
More Cairn Energy (PC) News Articles