Providence Resources P.l.c. - Operational Updat...

THIS ANNOUNCEMENT CONTAINS CONFIDENTIAL INFORMATION

 

OPERATIONAL UPDATE

FRONTIER EXPLORATION LICENCE 3/04
SOUTHERN PORCUPINE BASIN

• MOBILISATION FOR 3D SEISMIC DATA ACQUISITION EXPECTED TO COMMENCE IMMINENTLY

Dublin and London - April 3, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company ("Providence"), today provides an update regarding Frontier Exploration Licence (FEL) 3/04 located in the southern Porcupine Basin.  FEL 3/04 is situated in c. 1,500 metre water depth and is c. 200 km off the south-west coast of Ireland.  The licence is operated by Eni Ireland BV (36.913%) on behalf of its partners Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%) (together, the "JV Partners").

The JV Partners have agreed to underwrite and licence 1,800 km² of new multi-client 3D seismic data over FEL 3/04. Mobilisation of CGG Oceanic Caspian, which will conduct this data acquisition programme, is expected to commence imminently. The main objective of this new 3D seismic survey is to understand the hydrocarbon potential of the undrilled Lower Cretaceous Dunquin South carbonate exploration prospect.

In addition, it is hoped that these new data may shed further light on the 2013 ExxonMobil-operated 44/23-1 exploration well, that was drilled on the adjacent (c.20 km) Dunquin North carbonate prospect and which encountered a large residual oil column in a massive highly porous over-pressured carbonate reservoir system. A further objective for the new survey is to assess the nature and hydrocarbon potential of the c. 700 km² Dunquin Ridge which underlies both Dunquin carbonate build-ups and which was not penetrated by the previous well.

Commenting on the announcement, Dr John O'Sullivan, Technical Director of Providence said:

"The revised ENI analysis of the 2013 44/23-1 Dunquin North well has highlighted material resource potential associated with the Dunquin South exploration prospect. This is evidenced by the significant commitment now being made by the JV Partners to underwrite and licence a block-wide 3D seismic survey over both the Dunquin North and Dunquin South carbonate build-ups. We hope that the results of this survey will improve our understanding of the acreage and lead to further drilling in the future."

INVESTOR ENQUIRIES
Providence Resources P.l.c.	Tel: [phone]
Tony O'Reilly, Chief Executive Officer
John O'Sullivan, Technical Director
Cenkos Securities plc	Tel: [phone]
Neil McDonald/Derrick Lee
J&E Davy	Tel: [phone]
Anthony Farrell
MEDIA ENQUIRIES
Powerscourt	Tel: [phone]
Lisa Kavanagh/Peter Ogden
Murray Consultants	Tel: [phone]
Pauline McAlester

ABOUT PROVIDENCE RESOURCES Plc
Providence Resources Plc is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  The Company's shares are quoted on AIM in London and the ESM in Dublin.

ANNOUNCEMENT
This announcement has been reviewed by Dr John O'Sullivan, Technical Director, Providence Resources P.l.c.  John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin.  John is a Chartered Geologist and a Fellow of the Geological Society of London.  He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil.  John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange.

Definitions in this press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement.

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Source: Providence Resources plc via Globenewswire