2009-09-21-2009-08-04-2009-08-04

Transaction Type
Sellers
Buyers
Announce Date
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Close Date
Estimated Price
MM
Description

Farmed into License 3/04 offshore Ireland for 40% WI.

Italian integrated-energy company ENI SpA (NYSE: E) has farmed into Frontier Exploration License 3/04 offshore Ireland for a 40% interest from Providence Resources Plc, London (London Aim: PVR). Eni will assume a 40% interest in the Dunquin license, with ExxonMobil Exploration and Production Ireland (Offshore) Ltd. holding a 40% operated stake, while Providence and Sosina will retain 16% and 4% equity positions, respectively. Additionally, ExxonMobil E&P Ireland, Providence and Sosina have agreed to assume a cumulative 40% interest in the adjacent ENI operated Frontier Exploration License 1/99 (FEL 1/99), with the equity split 36%, 3.2% and 0.8%, respectively among the companies. FEL 1/99 covers six offshore blocks consisting of 1,500 square kilometers.