Providence Resources P.l.c - FEL 3/04 Operation...

 

OPERATIONAL UPDATE

FRONTIER EXPLORATION LICENCE 3/04
SOUTHERN PORCUPINE BASIN

• COMPLETION OF CGG MULTI-CLIENT 3D SEISMIC SURVEY

Dublin and London - June 30, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), today provides an operational update regarding Frontier Exploration Licence ("FEL") 3/04 located in the southern Porcupine Basin.  FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners Repsol Exploracion Irlanda SA (33.557%), Providence Resources (26.846%*) and Sosina Exploration Limited (2.684%), collectively referred to as the "JV Partners". The licence contains the undrilled Lower Cretaceous "Dunquin South" carbonate exploration prospect.

The JV Partners previously agreed to underwrite and licence new multi-client 3D seismic data which were to be acquired by third party seismic contractor CGG over FEL 3/04 in 2017. The Operator has now confirmed that the 3D acquisition has finished over FEL 3/04.

* Includes 4.0% equity acquired from Atlantic Petroleum in July 2015, which is subject to approval of the Minister of Communication, Climate Action and the Environment

INVESTOR ENQUIRIES
Providence Resources P.l.c.	Tel: [phone]
Tony O'Reilly, Chief Executive Officer
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