PROVIDENCE RES. Providence Resources P.L.C. - Technical Update

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
 
 
   TECHNICAL UPDATE 
 
 
   -- LATEST BARRYROE & NEWGRANGE TECHNICAL PRESENTATIONS AVAILABLE ON COMPANY 
      WEBSITE 
 
 
   Dublin and London - October 31, 2017 - Providence Resources P.l.c. (PVR 
LN, PRP ID), the Irish based Oil and Gas Exploration Company (the 
"Company"), is today providing technical updates regarding Standard 
Exploration Licence 1/11 ('Barryroe') and Frontier Exploration Licence 
6/14 ('Newgrange') at the Atlantic Ireland 2017 Conference in Dublin. 
 
   Providence is presenting its plans for the Phase 1 drilling of the 
48/24-K well and associated side-track in the North Celtic Sea Basin, 
which is c. 5 km SSE and c. 200' up-dip from the 48/24-10z well on the 
East Flank of the Barryroe field.  This Phase 1 drilling programme, 
which is currently targeted to take place during H2 2018/H1 2019 
(subject to consents) is estimated to cost c. $25 million gross (c. $20 
million net to Providence).  The 48/24-10z well, which was drilled in 
2011/12, tested c. 4,000 BOEPD of light (43(o) API) sweet crude from the 
basal Wealden A Sand reservoir interval.  These two new well 
penetrations are designed to provide further definitioround structure, 
reservoir, fluid phase, connectivity and resource estimates, thereby 
materially moving the Barryroe East Flank project towards development. 
The Phase 1 programme is targeting an estimated 463 MMBO STOIIP, with 
162 MMBO REC (R(f) = 0.35). 
 
   At the Conference, Providence is also presenting its site survey plans 
for the 62/07-A Newgrange exploration well, which is situated between 
the southern Porcupine and Goban Spur Basins.  Site survey planning 
activities have already kicked off with offshore surveying expected to 
commence summer 2018 (subject to consents).  These activities are 
designed to ready the Newgrange prospect for potential exploration 
drilling during 2019 or 2020. 
 
   Both presentations are available for download on the Company's website. 
 
 
 
 
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

October 31, 2017 03:00 ET (07:00 GMT)

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