Programme of Activity Announced for Celtic Sea ...
15th September 2006
Providence Resources Plc ("Providence" or the "Company")
PROGRAMME OF ACTIVITY ANNOUNCED
FOR CELTIC SEA & ST. GEORGE'S CHANNEL LICENCES
* Major Seismic Survey over the Ardmore, Hook Head and Pegasus
structures awarded to Gardline Geosurvey Ltd - due to commence
within the next month
Providence, the AIM and Dublin IEX listed oil & gas exploration and
production company, today announces that it has awarded a
comprehensive 2-D and pseudo 3-D seismic survey contract to Gardline
Geosurvey Ltd over specific assets within its Celtic Sea and St
George's Channel Basin licence portfolio. Expected to commence within
the next month, the programme will provide a total of 500 km of high
resolution 2-D seismic data on the Hook Head and Pegasus structures,
together with a 16 sq km pseudo 3-D seismic survey over the Ardmore
gas field. The survey is planned to take approximately 3 weeks to
acquire.
Commenting on today's announcement, Tony O'Reilly jnr, Chief
Executive of Providence Resources P.l.c. said:
"We have an active period ahead. These seismic surveys are an
important step in assessing Providence's asset development programme
for its portfolio of prospects in the Celtic Sea and St George's
Channel. The results will allow us to better define future work
programmes, including specific drilling and development locations.
Contacts:
Providence Resources P.l.c.
Tony O'Reilly jnr., Chief Executive Tel: + 353 (1) 667 5740
Powerscourt Media
Victoria Brough Tel: +44 (0)207 236 5622
Murray Consultants
Pauline McAlester Tel: + 353 (1) 498 0300
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 UK (onshore and offshore) and West Africa
(offshore Nigeria). Providence's portfolio is balanced between
production, appraisal and exploration assets, as well as being
diversified geographically.
Recent corporate announcements include;
* 20% Farm-out Deal agreed with CMI on Celtic Sea Licences
(announced September 5th, 2006)
* Completion of Dunquin Seismic (announced on August 8th, 2006)
* Annual General Meeting Statement (announced on June 20th,
2006)
* Annual Results (announced on May 17th, 2006)
* Dunquin Farm-out to ExxonMobil (announced on February 13th,
2006)
* ¤50 million Revolving Credit Facility with Macquarie
(announced on February 2nd, 2006)
* and increased production at its Singleton oilfield (announced
March 7th, 2006).
Comprehensive information on Providence and its oil and gas
portfolio, including its 2005 AIM Admission document, 2005 Annual
Report, Interim Report 2005 and recent press releases are available
from Providence's website at www.providenceresources.com
Licensing Option 03/8 (Providence 75% interest; CMI 20%*; Midmar
Energy Ltd 5%) refers to the following block numbers: Part blocks
49/8, 49/9, 49/13, 49/14 ('Helvick field and Helvick area'), Part
blocks 49/13, 49/14, 49/18, 49/19 ('Ardmore'); Part block 50/11
('Hook Head'); Part blocks 50/6, 50/7 ('Dunmore'); Part blocks 50/8,
50/9 ('Glandore')
Licensing Option 03/1 (Providence 75% interest; CMI 20%*; Midmar
Energy Ltd 5%) refers to Block 49/26, Part blocks 48/29, 48/30,
49/22, 49/23, 49/27, 49/28 ('Blackrock')
*CMI Farm in subject to Ministerial Approval.
Licensing Option03/7 (Providence 95% interest; Midmar Energy Ltd 5%)
refers to part block 41/25, 41/30, 42/21, 42/26, 51/1 '(Pegasus' and
'Dionysus')
Licensing Option05/3 (Providence 100% interest) refers to part block
41/29, 41/30, 50/3, 51/1, 50/4 and 50/5 '(Apollo')
---END OF MESSAGE---