PROVIDENCE RES. Providence Resources P.L.C. Licence Update, Standard Exploration Licence 2/11, Kish Bank Basin

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
 
 
   LICENCE UPDATE 
 
   STANDARD EXPLORATION LICENCE 2/11 ("Licence") 
 
   KISH BANK BASIN 
 
 
   -- EXTENSIONS OF TWO YEARS GRANTED FOR FIRST PHASE AND ONE YEAR ON THE 
      OVERALL TERM OF THE LICENCE 
 
   -- VOLUNTARY RELINQUISHMENT OF 55.39% OF THE AREA UNDER THE LICENCE 
 
 
   Dublin and London - November 16 , 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 the Licence located in 
the Kish Bank Basin, offshore the east coast of Ireland.  The Company 
holds and operates the Licence (100%) which contains the Lower Triassic 
Sherwood Sandstone Kish Prospect that is situated in c. 25 metre water 
depth and is c. 6 km offshore. 
 
   The Minister of State for the Department of Communications, Climate 
Action and Environment has given his consent to extend the first phase 
of the Licence by two years until 17(th) August 2018 and an overall 
extension of one year to the licence term until 17(th) August 2020. Such 
extensions should allow for the planning, consent and drilling of an 
exploration well on the Kish Prospect within the first phase of the 
Licence. The Company has also voluntarily relinquished 55.39% of the 
area under the Licence considered to be unproductive. 
 
   Commenting on the announcement, Tony O'Reilly, Chief Executive of the 
Company said: 
 
   "These phase extensions to SEL 2/11 are very welcome as they should 
allow us to progress the Kish Prospect to drilling given the lead time 
in consenting for a near shore activity. We will now commence work on 
our foreshore licence submission, which will be a precursor to any 
further work leading up to the drilling of the Kish Prospect" 
 
 
 
 
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 Plc 
 
   Providence Resources Plc is an Irish based Oil and Gas Exploration 
Company with a portfolio of appraisal and exploration assets located 
offshore Ireland.  The Company's shares are quoted on AIM in London and 
the ESM in Dublin. 
 
   ABOUT THE KISH PROSPECT 
 
   The Kish Prospect is located in the Kish Bank Basin, offshore Dublin, 
which is a Mesozoic basin bearing many geological similarities with the 
adjacent and prolific East Irish Sea Basin, offshore UK. This Lower 
Triassic Sherwood Sandstone prospect is a fault and dip-closed structure 
located c. 5,000' TVDSS as mapped on 2D seismic data. The prospect is 
considered to have been sourced from underlying Carboniferous oil-prone 
shales and sealed by overlying Upper Triassic halite and claystones with 
estimated un-risked recoverable prospective resources of c. 210 MMBO. 
 
   ANNOUNCEMENT 
 
   This announcement has been reviewed by Dr John O'Sullivan, Technical 
Director, Providence Resources P.l.c.  John is a geology graduate of 
University College, Cork and holds a Masters in Applied Geophysics from 
the National University of Ireland, Galway. He also holds a Masters in 
Technology Management from the Smurfit Graduate School of Business at 
University College Dublin and a doctorate in Geology from Trinity 
College Dublin.  John is a Chartered Geologist and a Fellow of the 
Geological Society of London.  He is also a member of the Petroleum 
Exploration Society of Great Britain, the Society of Petroleum Engineers 
and the Geophysical Association of Ireland. John has more than 25 years 
of experience in the oil and gas exploration and production industry 
having previously worked with both Mobil and Marathon Oil.  John is a 
qualified person as defined in the guidance note for Mining Oil & Gas 
Companies, March 2006 of the London Stock Exchange. 
 
   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 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 16, 2016 02:00 ET (07:00 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.