PROVIDENCE RES. Providence Resources P.L.C. - Letter Of Intent For Deepwater Drilling Unit For 2017 Druid Exploration Well

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   PROVIDENCE ISSUES LETTER OF INTENT FOR THE PROVISION OF A DEEPWATER 
DRILLING UNIT FOR THE PLANNED 2017 DRUID EXPLORATION WELL 
 
   Dublin and London - November 1, 2016 - Providence Resources P.l.c. (PVR 
LN, PRP ID), the Irish based Oil and Gas Exploration Company (the 
"Company"), today provides an update regarding Frontier Exploration 
Licence (FEL) 2/14 in the southern Porcupine Basin.  FEL 2/14 is located 
c. 220 km off the south-west coast of Ireland and is situated in c. 
2,250 metre water depth.  The licence is operated by Providence 
Resources P.l.c. (80%) on behalf of its partner Sosina Exploration 
Limited (20%) and contains the Paleocene Druid and Lower Cretaceous 
Drombeg exploration prospects. 
 
   As part of the ongoing operational build-up to the drilling of a planned 
exploration well on the Druid prospect in 2017, the Company recently 
completed an evaluation of available and capable deep-water drilling 
units through a rig tender process.  This process identified a number of 
suitable units.  Pursuant to EU procurement rules, the Company has now 
issued a Letter of Intent to the leading contender for the provision of 
these services.  The parties will now proceed to finalise a contract 
over the coming weeks and a further update will be provided in due 
course. 
 
   Mr. Tony O'Reilly, Chief Executive of Providence Resources said: 
 
   "This is another key milestone for our planned drilling at Druid, 
further demonstrating the progress that we are making in pursuing the 
continued development of our significant portfolio offshore Ireland." 
 
 
 
 
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 
 
   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 AIM in London and the ESM in 
Dublin. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq 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 
 
 
  http://www.providenceresources.com/html/ 
 

(END) Dow Jones Newswires

November 01, 2016 03:01 ET (07:01 GMT)

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