PROVIDENCE RES. Providence Resources P.L.C - Southern Porcupine Basin Licence Update

 
TIDMPVR 
 
 
   LICENCE UPDATE 
 
   FRONTIER EXPLORATION LICENCE 3/04 
 
   SOUTHERN PORCUPINE BASIN 
 
 
   -- EXTENSION OF DUNQUIN LICENCE TENURE TO 2025 
 
 
   Dublin and London - May 22, 2017 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Oil and Gas Exploration Company, today provides 
an update on Frontier Exploration Licence ('FEL') 3/04, which lies in c. 
1,500 m water depth in the southern Porcupine Basin and is c. 170 km off 
the south west coast of Ireland.  The licence is operated by Eni Ireland 
B.V. (36.913%), on behalf of its partner Repsol Exploracion Irlanda, 
S.A. (33.557%), Providence Resources P.l.c. (26.846% interest*) and 
Sosina Exploration Limited (2.684%), collectively referred to as the "JV 
Partners".   FEL 3/04 contains the 2013-drilled Dunquin North carbonate 
build-up, which hosts a residual oil column, together with the undrilled 
Dunquin South exploration prospect. 
 
   LICENCE UPDATE 
 
   The Minister of State for the Department of Communications, Climate 
Action and Environment has given his consent to the extension of the 
second phase of the licence to 14 November 2019 and to the subsequent 
third and fourth phases to 14 November 2021 and 2025, respectively 
subject to the completion of the agreed work programme by the JV 
partners, which includes the acquisition and processing of a minimum 
1,800 km(2) of 3D seismic.  In April 2017, the JV Partners agreed to 
underwrite and licence new multi-client 3D seismic data being acquired 
over FEL 3/04 and acquisition of this survey has commenced. 
 
   Speaking today, Tony O'Reilly, Chief Executive of Providence said: 
 
   "We are pleased to have received this confirmation from the government 
on the licence extension as we continue to move forward with the 
evaluation of this licence." 
 
 
 
 
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 
 
   * Includes 4.0% equity acquired from Atlantic Petroleum in July 2015, 
which is subject to approval of the Minister of Communication, Climate 
Action 
 
   and the Environment 
 
   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 the 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

May 22, 2017 02:00 ET (06:00 GMT)

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