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PROVIDENCE RES. (PVR)

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Thursday 28 November, 2019

PROVIDENCE RES.

Licence Update - Frontier Exploration Licence 2/19 - Southern Porcupine Basin

Licence Update - Frontier Exploration Licence 2/19 - Southern Porcupine Basin

LICENCE UPDATE
FRONTIER EXPLORATION LICENCE 2/19
SOUTHERN PORCUPINE BASIN

·WITHDRAWAL OF TOTAL AND ASSIGNMENT OF EQUITY & TRANSFER OF OPERATORSHIP IN FEL 2/19 TO PROVIDENCE  

Dublin and London – November 28, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy  Company, provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/19.  FEL 2/19 is located in the southern Porcupine Basin, offshore Ireland and contains the undrilled Paleocene “Avalon” exploration prospect. FEL2/19 lies adjacent to FEL3/04 in which Providence also has an interest.

Following a decision by TOTAL E&P Ireland B.V. (“TOTAL”), a wholly owned subsidiary of TOTAL S.A., to withdraw from FEL 2/19, Providence is pleased to confirm that the Minister of State at the Department of Communications, Climate Action and Environment has approved the assignment of TOTAL’s equity (50%) to Providence and Sosina, as well as the transfer of Operatorship to Providence.  Accordingly, the revised equity in FEL 2/19 is now Providence (Operator - 80%) and Sosina Exploration Limited (20%). 

Commenting on the announcement, Tony O’Reilly, Chief Executive at Providence, said:

We are obviously sad to see TOTAL withdraw from the Irish sector in general and Avalon specifically as they have been an excellent partner over the past few years.  TOTAL did some great technical work as Operator of FEL 2/19 where the JV recently acquired new 3D seismic data.  Providence and Sosina will now continue with the evaluation of this data in conjunction with a new farm-out process to bring in a suitable industry partner to assist in a future drill decision for the Avalon prospect.”

INVESTOR ENQUIRIES 
Providence Resources P.l.c.Tel: +353 1 219 4074
Tony O’Reilly, Chief Executive Officer   
  
Cenkos Securities plcTel: +44 131 220 9771
Neil McDonald/Derrick Lee 
  
J&E DavyTel: +353 1 679 6363
Anthony Farrell  
  
Mirabaud Securities LimitedTel: +44 203 167 7221
Peter Krens 
  
MEDIA ENQUIRIES 
PowerscourtTel: +44 207 250 1446
Peter Ogden 
  
Murray ConsultantsTel: +353 1 498 0300
Pauline McAlester 

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Energy 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.


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