PROVIDENCE RES. Southern Porcupine Basin - Drilling Operations On The 53/6-A Exploration Well Programme Have Commenced

 
TIDMPVR 
 
 
   OPERATIONAL UPDATE 
 
   FRONTIER EXPLORATION LICENCE 2/14 
 
   SOUTHERN PORCUPINE BASIN 
 
 
   -- DRILLING OPERATIONS ON THE 53/6-A EXPLORATION WELL PROGRAMMME HAVE 
      COMMENCED 
 
 
   Dublin and London - July 12, 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 licence contains the Paleocene "Druid", Lower 
Cretaceous "Drombeg" and pre-Cretaceous "Diablo" prospects. 
 
   The JV Partners have contracted the Stena "IceMAX" deep-water drillship 
to drill the 53/6-A well in FEL 2/14 to evaluate the vertically stacked 
Paleocene Druid and Lower Cretaceous Drombeg exploration prospects. 
Following consent from the Minister of Communications, Climate Action 
and Environment on July 11, 2017, Providence can confirm that drilling 
operations on the 53/6-A well programme have commenced. 
 
   A further operational update will be provided once the Paleocene Druid 
prospect has been penetrated or as appropriate.  Drilling is then 
planned to continue to the underlying Lower Cretaceous Drombeg 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. 
 
   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

July 12, 2017 02:00 ET (06:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.