Cairn agrees deal to operate Irish licences
The Edinburgh-based firm is to take a 38 per cent interest in the licences, which contain the undeveloped Burren and Spanish Point oil and gas discoveries.
Chief executive Simon Thomson said: “The addition of this prospective acreage off the west coast of Ireland in the Porcupine Basin brings further exploration and appraisal potential to Cairn’s frontier Atlantic margin portfolio.
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Hide Ad“Our operated, multi-well exploration programme, for which a rig has been secured, will start later this year in Morocco.”
Along with Cairn, the partners in the licences comprise former operator Chrysaor with a 26 per cent stake, Providence Resources at 32 per cent and Sosina with a 4 per cent interest.
Tony O’Reilly, chief executive of Providence, said: “The arrival of a major independent operator like Cairn, with their deep water experience and their technical and financial strengths, provides further validation of the real potential of the Irish offshore.”