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NEWS UPDATES 3 December 2009

Malaysia’s Petronas sheds stakes in Irish gas fields

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Providence Resources plc is exercising options to acquire 40 percent stakes in the Kinsale Head Area gas fields plus the adjoining Seven Heads field from Petronas International Corp Ltd, the overseas investment arm of Petroliam Nasional Bhd (Petronas), reported the StarBiz.

Kinsale Head comprises the Kinsale Head, South West Kinsale and Ballycotton gas fields and also gas storage facility in the Celtic Sea.

Providence said in a statement that an initial payment of US$3.8mil had been made to Petronas for the stakes with the balance due when the deal closed no later than the end of the first quarter of 2010.

The company said under the terms of the option agreement, the stakes in the Kinsale Head area assets would be purchased on the same pro rata basis by which Petronas acquired the stake from Marathon Oil Corp in April at a total value of $180mil.

According to the company, the gas fields had an average net production of 30 million cu ft of gas per day in the first quarter of this year.

Providence chief executive Tony O’Reilly said in the statement that the transaction allowed the company to capitalise on its extensive operational experience offshore Ireland in combination with Petronas’ proven track record in gas production, storage and trading.

“Upon completion, not only will Providence’s attributable daily production double to over 4,000 barrels of oil equivalent per day, but we’ll also gain exposure to existing and new gas storage and trading opportunities, which we see as a huge potential future growth area for the company,” he added.


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