ExxonMobil Inks LoI with Ocean Rig UDW for ‘Eirik Raude’ Drilling Rig (Ireland)

Providence Resources P.l.c., (“Providence”) the Irish oil and gas exploration and production company confirm that it has now received formal notification from ExxonMobil Exploration and Production Ireland (Offshore) Limited that a letter of intent has been signed with Ocean Rig UDW Inc. for the “Eirik Raude” semi-submersible drilling rig.

Under the terms of this Letter of Intent, it is proposed to utilise the “Eirik Raude” to drill an exploration well at Dunquin, located in Frontier Exploration Licence (FEL) 3/04, offshore Ireland with an estimated programme duration of up to 6 months. Subject to satisfactory contract and corporate and co-venturer approvals, the rig is scheduled to commence this contract in the first quarter of 2013.

ExxonMobil Exploration and Production Ireland (Offshore) Limited (27.5% interest) operates FEL 3/04 on behalf of its partners, Eni Ireland B.V. (27.5% interest), Repsol Exploracion Irlanda, S.A. (25% interest), Providence Resources Plc (16.0% interest) and Sosina Exploration Limited (4.0% interest).

Commenting on this news, Tony O’Reilly, Chief Executive of Providence said,

“We are extremely pleased to confirm that this letter of intent has now been agreed, and that drilling operations at Dunquin are being planned to start in Q1 2013. The Dunquin well forms an important part of Providence’s ongoing Irish multi-basin, multi-well drilling programme.”