Providence shares surge after farm-in deal with Total

Providence shares surge after farm-in deal with Total
The Porcupine Basin is around 220 kilometres off the southwest coast Pic: Pixabay

The exploration group has reached a $27 million option agreement with Total on the Porcupine licence

Shares in Providence Resources surged by more than eight per cent in early trading after the exploration group announced it had entered option agreements with French oil major Total to farm out part of its interests in its Porcupine wells.

Total will pay $27 million (€24 million) to acquire an option over a 35 per cent share in Frontier Exploration Licence 2/14, which  lies in around 2,250...

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