PROVIDENCE RES. Providence Resources plc : Drombeg Prospect Southern Porcupine Basin

 
TIDMPVR 
 
November 12(th) 2012 
Embargo 7am 
 
 
                                TECHNICAL UPDATE 
 
                                DROMBEG PROSPECT 
                            SOUTHERN PORCUPINE BASIN 
 
  * COMPLETION OF MAJOR SEISMIC INVERSION PROGRAMME ON 2D LINES OVER LOWER 
    CRETACEOUS DROMBEG ANOMALY 
 
  * PROSPECTIVE OIL RECOVERABLE RESOURCE POTENTIAL OF 872 MILLION BARRELS (P50) 
    IN THE PRIMARY SEISMIC ANOMALY 
 
  * FURTHER ADDITIONAL RESOURCE POTENTIAL IDENTIFIED IN SEPARATE STACKED 
    RESERVOIR TARGETS 
 
Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration 
and production company, whose shares are listed in London (AIM) and Dublin 
(IEX), is pleased to provide a technical and resource update on Licensing Option 
11/9 ("Drombeg"). Providence (80%, Operator) and Sosina Exploration (20%) were 
awarded Licensing Option 11/9 ("Drombeg") as part of the 2011 Irish Atlantic 
Margin Licensing Round. The Drombeg prospect lies in c. 2,500 metre water depth 
and is c. 3,000 metres below the seabed. The prospect is located in the southern 
Porcupine Basin, c. 220 km off West Cork, being c. 60 km from the ExxonMobil- 
operated Dunquin exploration prospect which is due to be drilled in early 2013. 
 
Providence has recently completed a major seismic inversion programme over the 
Lower Cretaceous Drombeg prospect, together with an assessment of its associated 
prospective resource potential. Earlier this year, initial rock physics modeling 
and seismic inversion work was carried out by Ikon Science over key 2D Drombeg 
seismic lines which exhibited a marked seismic anomaly (see RNS dated 7 August 
2012). This initial work modeled the Drombeg anomaly to be consistent with the 
presence of thick hydrocarbon bearing sandstone intervals. At that time, the 
Company also confirmed that a large Jurassic fault block closure, with a 
pronounced crestal fluid escape feature, had been also identified beneath the 
Drombeg Lower Cretaceous prospect. 
 
Results from this new inversion study, together with a volumetric analysis of 
the Lower Cretaceous interval has now been completed and these will be presented 
at the Atlantic Ireland Conference being held in Dublin, Ireland on November 
12(th) 2012. The analysis of the primary Drombeg seismic anomaly has indicated a 
recoverable P50 prospective resource potential of 872 MMBO, based on an oil in 
place volume of 2.970 BBO, together with analogue data from the North Sea. 
However, further technical data, including 3D seismic, will be required in order 
to better assess the ultimate resource potential of the Drombeg prospect. 
Further similar Lower Cretaceous seismic anomalies have been identified both 
laterally offset to, as well as vertically stacked with, the Drombeg prospect 
providing further resource growth potential. 
 
Two separate stratigraphic, but vertically stacked objectives have also been 
identified in the overlying Lower Cenozoic and underlying Upper Jurassic. The 
Lower Cenozoic feature is interpreted to comprise a deep-water basin floor fan 
covering c. 295 sq km and which exhibits marked amplitude versus offset (AVO) 
anomaly. The deeper Upper Jurassic feature is mapped as a large tilted fault 
block structure with c. 140 sq km of closure. A notable fluid escape feature has 
been interpreted at the crest of the Upper Jurassic tilted fault block and which 
appears to be acting as a hydrocarbon migration path into both the overlying 
Drombeg Lower Cretaceous and Lower Cenozoic target intervals. This fluid escape 
feature is significant in that it suggests an oil remigration model at Drombeg 
which is similar to that which has been proposed for the BP-operated Foinaven 
and Schiehallion Fields in the UK West of Shetlands. 
 
Speaking today, John O'Sullivan, Technical Director of Providence said, 
 
"Recent successful discoveries, both in West Africa and South America, have 
highlighted the enormous potential of the Lower Cretaceous deepwater clastic 
exploration plays of the Central Atlantic. We believe that the results of the 
Drombeg seismic inversion signal that this significant play may well extend into 
the North Atlantic Conjugate Margin and, more particularly, into the southern 
Porcupine Basin. The Ikon seismic inversion work, which is consistent with a 
model supporting the presence of hydrocarbons over a very large area at Drombeg, 
is hugely encouraging and becomes compelling when considered in tandem with the 
other associated direct hydrocarbon indicators. Initial feedback from the 
industry has been very positive with the prospect creating much interest amongst 
deepwater exploration operators." 
 
Contacts: 
 Providence Resources Plc              Tel: [phone] 
 John O'Sullivan, Technical Director 
 
 
 Powerscourt                           Tel: [phone] 
 Lisa Kavanagh / Rob Greening 
 
 
 Murray Consultants                    Tel: [phone] 
 Pauline McAlester / Pauline Dooley 
 
 
 Cenkos Securities Plc                 Tel: [phone] 
 Adrian Hargrave / Nick Wells 
 
 
 J&E Davy                              Tel: + 353 1 679 6363 
 Eugenee Mulhern 
 
 
 Liberum                               Tel: [phone] 
 Simon Atkinson / Clayton Bush 
 
 
 
 
TERMS USED IN THIS ANNOUNCEMENT: 
BBO - Billion Barrels of Oil 
MMBO - Million Barrels of Oil 
 
ABOUT PROVIDENCE 
Providence Resources Plc is an Irish based oil and gas exploration and 
development company with a portfolio of appraisal and exploration assets in 
Ireland (offshore) and the United Kingdom (offshore). In 2011, Providence, along 
with its partners, commenced a circa $500 million multi-year drilling programme 
on a number of exploration and development wells in 6 different basins offshore 
Ireland,  representing the largest drilling campaign ever carried out offshore 
Ireland. www.providenceresources.com. 
 
ABOUT IKON SCIENCE 
Ikon Science is a global geoscience technology company. Ikon provides industry 
leadership in the prediction of reservoir properties, pressures and fluids. 
Ikon's RokDoc software, Quantitative Interpretation and GeoPressure Services all 
leverage the power of rock physics to integrate well, geopressure and seismic 
data to understand the subsurface. Ikon Science's RokDoc software platform and 
related Quantitative Interpretation services are used globally in over 180 Oil, 
Gas, Energy and Service companies throughout the world. Ikon Science, founded in 
2001, employs over 160 people and has offices in London, Durham, Edinburgh, 
Lagos, Rio de Janeiro, Houston, Boulder, Kuala Lumpur and Perth, Western 
Australia. The company is privately owned and investors include Fleming Family & 
Partners and Tullow Oil Plc. 
 
ANNOUNCEMENT 
This announcement has been reviewed by John O'Sullivan, Technical Director, 
Providence Resources P.l.c. John holds a B.Sc. in Geology from University 
College Cork, Ireland, an M.Sc. in Applied Geophysics from the National 
University of Ireland, Galway and a M.Sc.in Technology Management from The 
Smurfit School of Business at University College Dublin. John is presently 
working part-time on a PhD dissertation at Trinity College, Dublin. John has 
worked in the offshore business for 20 years and is a fellow of the Geological 
Society of London and member of The Petroleum Exploration Society of Great 
Britain. 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. 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Providence Resources plc via Thomson Reuters ONE 
[HUG#1656916]