The Irish Government ratified the Marginal Field Development Company Ltd (MFDevCO) 10% farm in to the Celtic Sea Standard Exploration Licence (SEL) 2/07 Helvick and Dunmore Leases in Q2 2018. Alongside this, Landsdown Oil & Gas has also finalised its farm in for 9% of Helvick Lease. As previously reported, MFDevCO received Ministerial consent on 2 November 2017 to acquire 10% working interest pro-rata from partners Providence Resources, Atlantic Petroleum, Lansdowne Oil & Gas, and Sosina Exploration. The acquisition was the initial stage of a phased farm-in related to a Lease Undertaking by Providence Resources, reported in 2016. The Lease Undertaking, applied for in November 2013, granted by the Irish Government, initiates a phased farm-in by MFDevCO, a 50/50 JV between Nu-Oil and Gas (previously Enegi) and ABTechnology, for up to 50% equity in return for carrying out a detailed work programme. Following the initial phase up to a further 40% will be assigned on the basis of the agreed work programme along with the award of a Petroleum Lease and approval of any Plan of Development by the Irish Ministry. Following the completion of the initial farm out phase the revised Helvick partners are Providence Resources Plc (56.25% + Op), Atlantic Petroleum (Ireland) Ltd (16.50%), Lansdowne Oil & Gas Plc (9%), Sosina Exploration Ltd (8.25%), and Marginal Field Development Company Ltd (10%), and revised Dunmore participants are Providence (65.25% + Op), Atlantic (16.50%), Sosina (8.25%) and MFDevCo (10%).<P />
MFDevCo farms in for 10% (Providence 56,25% + Op, Atlantic Petroleum 16,50%, Lansdowne O&G 9%, Sosina 8,25%) in to the Licence EL02/07 Helvick and Dunmore Leases & Lansdowne O&G farms into Helvick for 9% (Providence 65,25% + Op, Atlantic 17,50%, Sosina 8,25%). 