Providence Resources P.l.c. - Repayment of Melo...

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

REPAYMENT OF MELODY DEBT
AND TRANSOCEAN LIABILITY

Dublin and London - July 20, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, provides an update post its Extraordinary General Meeting ("EGM") held on July 14, 2016.  

Following the passing of all resolutions proposed at the EGM, the Company is pleased to confirm that all amounts outstanding under the loan facility with Melody Business Finance LLP ("Melody") have been satisfied in full by the payment of cash equal to US$20 million (together with accrued interest) and the allotment of 9,938,033 ordinary shares by the Company to Melody (as previously notified). The security held by Melody, by way of a floating charge over the Group's assets, will now be released. The Company also confirms that it has discharged the balance of the uncontested sums owing to Transocean Drilling U.K. Limited in respect of the Court of Appeal order (the "EWCA Order") made on 13 April 2016.

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

                                                                                                                    
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 and the UK.  Providence's shares are quoted on AIM in London and the ESM in Dublin.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
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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