PROVIDENCE RES. Providence Resources P.L.C. - Operational Update - Drombeg Prospect, 53/6-1 Exploration Well, Frontier Explor...

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   OPERATIONAL UPDATE 
 
   DROMBEG PROSPECT 
 
   53/6-1 EXPLORATION WELL 
 
   FRONTIER EXPLORATION LICENCE 2/14 
 
   SOUTHERN PORCUPINE BASIN 
 
 
   -- LOWER CRETACEOUS DROMBEG RESERVOIR INTERVAL ENCOUNTERED WITHIN THE 
      PRE-DRILL DEPTH PROGNOSIS 
 
   -- PRELIMINARY LOG INTERPRETATION INDICATES THE PRESENCE OF A POROUS WATER 
      BEARING RESERVOIR INTERVAL 
 
   -- FOLLOWING A COMPREHENSIVE DATA ACQUISITION PROGRAMME THE WELL IS BEING 
      PLUGGED AND ABANDONED AS PER PROGRAMME 
 
 
 
   Dublin and London - September 11, 2017 - Providence Resources P.l.c. 
(PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the 
"Company"), today provides an operational update regarding Frontier 
Exploration Licence ("FEL") 2/14 located in the southern Porcupine 
Basin.  FEL 2/14 is operated by Providence Resources plc (56%) on behalf 
of its partners Capricorn Ireland Limited (a wholly owned subsidiary of 
Cairn Energy PLC, 30%) and Sosina Exploration Limited (14%), 
collectively referred to as the "JV Partners". 
 
   The 53/6-1 (pre-drill designation 53/6-A) well, which spudded on July 11 
2017, is located in c. 2,233 metres of water and c. 220 kilometres off 
the south-west coast of Ireland.  The well, drilled by the Stena IceMAX 
drill ship, reached a final total depth of 5,281 metres MDBRT, having 
penetrated the north flank of the Lower Cretaceous Drombeg Prospect, 
which was encountered within the pre-drill depth prognosis.  Logging 
together with down-hole sampling has confirmed that the Drombeg Prospect 
contains a porous water-bearing reservoir interval at the well location. 
The possible presence of bitumen was reported in drill cuttings within 
the Drombeg reservoir interval which may indicate that it received an 
oil charge which was not retained at this location.  However, further 
studies will be required in order to confirm this interpretation and its 
implications for the wider prospectivity within FEL 2/14. 
 
   As per the pre-agreed and consented programme, the well is currently 
being plugged and abandoned after which the Stena IceMAX will be 
demobilised from Irish waters. 
 
   Speaking today, Tony O'Reilly, Chief Executive of Providence said: 
 
   "The 53/6-1 well results at the Drombeg level are disappointing and we 
will now assess these well data in order to understand what implications 
they have for prospectivity within the licence including in the 
underlying pre-Cretaceous Diablo Prospect together with other anomalies 
within FEL 2/14.  Frontier exploration requires perseverance and we look 
forward to seeing the outcome of exploration wells planned for acreage 
proximate to FEL 2/14, which will test plays similar to Diablo and to 
those which have proved to be successful in the conjugate Flemish Pass 
Basin, offshore Canada." 
 
   "53/6-1 is situated in the deepest water of any exploration well ever 
drilled offshore Ireland and is an important operational milestone for 
Providence, being our first harsh environment ultra-deep water well 
operation. Furthermore, through our pre-drill commercial transactions 
with Cairn (farm-in) and TOTAL (Option), Providence's financial exposure 
to the well was significantly reduced, thereby ensuring that we remain 
well funded for our forward drilling operations offshore Ireland, with 
Barryroe being planned as our next well in this programme." 
 
 
 
 
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. 
 
   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

September 11, 2017 02:01 ET (06:01 GMT)

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