Providence Resources P.l.c. - Licence Update Fr...

 

LICENCE UPDATE

FRONTIER EXPLORATION LICENCE 3/04

SOUTHERN PORCUPINE BASIN

• ENI ASSUMES OPERATORSHIP FOLLOWING WITHDRAWAL OF EXXONMOBIL
• PROVIDENCE'S EQUITY INCREASED TO 26.846%*

Dublin and London - August 8, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides an update on Frontier Exploration Licence ('FEL') 3/04, which lies in c. 1,500 m water depth in the southern Porcupine Basin and is c. 170 km off the south west coast of Ireland.  FEL 3/04 contains the 2013-drilled Dunquin North carbonate build-up, which hosts a residual oil column, together with the undrilled Dunquin South exploration prospect.

Following ExxonMobil's election to withdraw from FEL 3/04, and subsequent ratification by the Minister, the remaining partners in FEL 3/04 have increased their equity interests in the licence through a pro-rata distribution of ExxonMobil's equity interest with Eni assuming the role of Operator. Accordingly, the revised equity interests in FEL 3/04 are now Eni Ireland B.V. (36.913%), Repsol Exploracion Irlanda, S.A. (33.557%), Providence Resources P.l.c. (26.846% interest) and Sosina Exploration Limited (2.684%).

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]
Eugenee Mulhern/Anthony Farrell
MEDIA ENQUIRIES
Powerscourt	Tel: [phone]
Lisa Kavanagh/Rob Greening
Murray Consultants	Tel: [phone]
Pauline McAlester

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

* 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

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Providence Resources plc via Globenewswire

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