16th July 2007
Providence Resources P.l.c.
Spanish Point Seismic Survey Underway
Providence Resources, along with its Spanish Point partners, is
pleased to announce that it has licensed part of GX Technology's long
offset North East Atlantic SPANTM Survey over the Spanish Point
discovery in the Porcupine Basin, offshore Ireland.
The data shall be used to fine-tune the location for a planned 2008
appraisal well (which is subject to rig and syndication) on the
Spanish Point Project, together with providing improved imaging of
the nearby Burren oil discovery, which also lies within the licence
area.
The survey which commenced on 13th July, 2007, is being acquired
using the M/V Discoverer and the processed data is expected to be
available for interpretation during Q4 2007.
Contacts:
Providence Resources Plc Tel: +353 1 2194074
Tony O'Reilly Jnr., Chief Executive
Powerscourt Tel: +44 (0)207 250 1446
Matt Ridsdale
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
Notes to Editors
About Providence
Providence Resources Plc is an independent oil and gas exploration
company listed on the AIM market in London and on Dublin's IEX
market. The Company was founded in 1997, but with roots going back to
1981 when it predecessor company, Atlantic Resources Plc was formed
by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in
Ireland (offshore), the United Kingdom (onshore and offshore), the
United States (offshore) and West Africa (offshore Nigeria).
Providence's portfolio is balanced between production, appraisal and
exploration assets, as well as being diversified geographically.
Comprehensive information on Providence and its oil and gas
portfolio, including the all press releases, annual reports and
interim reports are available from Providence's website at
www.providenceresources.com
About Spanish Point
The Spanish Point gas condensate discovery is located in FEL 2/04 in
the Main Porcupine Basin some 200km off the west coast of Ireland.
The discovery well (35/8-2) was drilled by a consortium led by
Phillips Petroleum (and included the predecessor company to
Providence) in 1981 and flowed circa 1,000 BOPD and circa 5 MMSCFGPD
from 1 of 4 logged pay zones of Upper Jurassic age.
Providence has carried out a series of independent reports which
suggest that this field contains estimated contingent resources (2C)
of 1.4 TSCFG and 160 MMBO with significant upside potential both
within the field as well as in adjacent prospects.
Providence holds 72% equity in Spanish Point, whilst its partners,
Sosina and CMI hold 18% and 10% respectively.
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