Providence Resources Shares in London Fall as Total Quits Ireland Project
November 28 2019 - 4:32AM
Dow Jones News
By Adria Calatayud
London-listed shares in Providence Resources PLC (PZQA.DB) fell
in early trade Thursday after the company said that Total SA
(FP.FR) has withdrawn from a joint exploration project offshore
Ireland.
The Ireland-based oil-and-gas company said the Irish government
has approved assigning Total's equity in Frontier exploration
license 2/19--which contains the Avalon prospect--to Providence and
Sosina Exploration Ltd. As a result, Providence is now the operator
with a 80% stake in the project with Sosina holding the remaining
20%.
Providence shares in London at 0853 GMT were down 13% at 2.90
pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
November 28, 2019 04:17 ET (09:17 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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