Providence Resources said today that Total had paid down $20.25million as part of its farm-in deal for a licence offshore Ireland.
Earlier this month Providence and project partner Sosina announced the agreement with Total for licence LO 16/27, 150kilometres off the south-west coast.
Providence holds 80% of the asset while Sosina has 20%.
If the deal is signed off by the Irish Government, Total with hold 50% of the licence and take over as operator, Providence will have 40% and Sosina will have 10%.
Providence’s share of the first payment from Total comes to $16.2million.