Providence Resources Completes First Phase Of AMEC Study For Project

Providence Resources Plc (PVR.LN), an international upstream oil and gas company announced Monday through its wholly owned subsidiary EIRGAS Limited, that it has completed the first phase of the AMEC Plc (AMEC.LN) conceptual development study for the ULYSSES salt cavern gas storage project in the Kish Bank Basin, offshore eastern Ireland.

MAIN FACTS:

-The ULYSSES Project, which commenced in 2008, assessed the natural gas storage and carbon sequestration potential of the Kish Bank Basin, offshore Dublin.

-The initial phase of this new study, carried out by AMEC, which included planning, capacity modeling, infrastructural integration and gas sourcing has confirmed that the construction of an offshore natural gas salt cavern storage facility at the ULYSSES location is both economically and technically feasible.

-A number of scenarios have been developed which have an associated range in capacity, off-take export rates and capital expenditure.

-Detailed technical data relating to the subsurface geology, which will be acquired through the drilling of the Dalkey Island exploration prospect, will also assist with the advancement of this project.

-Shares at 0804 GMT up 0.5 pence, or 0.2%, at 269.5 pence.

-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [e-mail]