Shares in Providence Resources (PVR), San Leon Energy (SLE) and Lansdowne Oil and Gas (LOGP) were higher on Monday as progress was made with the group's Barryroe project.
Providence said it has taken delivery of the GSF Arctic III semi-submersible drilling rig for the upcoming appraisal drilling programme at Barryroe.
After coming under contract on 5 November, the rig is currently being mobilised to Irish waters from the North Sea.
Providence holds a 50% interest in the Barryroe licence (SEL 1/11) and operates on behalf of its partners - Lansdowne, which holds 20% and also San Leon Energy, which has a 30% stake.
Drilling is expected to commence within the next fortnight.
The group moved into the area after the Irish energy ministry provided a standard exploration licence last month.
Licence 1/11, which has been awarded for a period of up to six years and is split into two three-year phases, is a successor to licensing option 08/1. The area covered by the licence has been increased by around 9%, equivalent to 25 square kilometres, to cover additional acreage with identified resource potential.
An upcoming well, the 48/24-J well, which is planned for mid-November of this year, is set to demonstrate higher flow rates through the use of new technologies.
http://www.iii.co.uk/articles/20663/lansdowne-oil-gas-kick-drilling-barryroe
Monday, November 7, 2011
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