The Department of Communications, Energy and Natural Resources has approved Cairn Energy's farm-in deal to explore the Spanish Point site off the west coast of Ireland.
Cairn now has a 38 per cent working interest in the project with co-venturers Providence (32 per cent) Chrysaor (26 per cent) and Sosina Exploration Ltd (4 per cent).
Carin has entered into a contract to secure a drilling rig for the planned appraisal well located in the Porcupine Basin Quad 35 area off the west coast. No wells have been drilled within the Quad 35 acreage since the Spanish Point discovery 30 years ago.
The Blackford Dolphin, an enhanced deep-water semi-submersible rig which underwent a $400 million upgrade in 2006, is to be used by Cairn and its partners to carry out the work.
Operations on the well are expected to begin in the second quarter of next year, subject to approvals.
Providence Resources chief executive Tony O’Reilly said he was pleased to confirm the developments and looked forward to the appraisal drilling operations at Spanish Point.
Spanish Point is the third of six wells being drilled as part of Providence's Irish multi-basin drilling programme, following on from the Barryroe appraisal well in the Celtic Sea and the Dunquin exploration well.
