Providence Resources Share Discussion Threads

[1cagney] 13/3/2017 15:14

It's about time this share price started to move !

[hermana3] 13/3/2017 14:33

Market ok today too!

[rogerlin] 13/3/2017 14:05

"Monday morning commuters have already been treated to some gorgeous sunshine right across the country and we've just realised that today - Ireland will be warmer than Ibiza".

Isn't this good enough weather? Might even tempt the Icemax away from Gran Canaria!

[stockriser] 13/3/2017 13:07

Where's my belt ;-)

[stockriser] 13/3/2017 12:10

Nice 200k buy there ;-)

[greatfull dead] 13/3/2017 10:14

Steel,

IMO The Fugro Searcher is back in Cork due the weather with further gales.

hxxp://www.weatheronline.co.uk/weather/satellite/Europe/Europe/Visible/premium.htm

ATB,
GD

[steelwatch] 13/3/2017 09:45

rog - it's pretty rough out there with further gales expected. Hope the survey is finished, but may just be running for shelter.

[rogerlin] 13/3/2017 08:51

The Fugro Searcher has gone back to Cork. The survey was supposed to take 6 days, if they have finished it has been very quick (set off from Cork on 9th).

[peaeff] 13/3/2017 08:50

"imminent"

[hermana3] 13/3/2017 07:05

Richie,"Watch this space".

[richie666] 12/3/2017 19:47

Here here! Seangwhite.Where is the Barryroe farm in?

[seangwhite] 12/3/2017 18:46

FTJ - Just reflect on the achievements by TOR since those glorious days, depressing isn't it.

[greatfull dead] 12/3/2017 17:14

Ftj and Cep,

I definitely hope so.

See you both tomorrow.

ATB,
GD

[funtimejonny] 12/3/2017 15:01

15(th) March 2012
Embargo 7am

BARRYROE WELL SUCCESSFULLY FLOWS OIL AND GAS

* WELL FLOWS AT A STABILISED RATE OF 3,514 BOPD & 2.93 MMSCFGD (4,000 BOEPD)

* ANALYSIS CONFIRMS HIGHLY MOBILE LIGHT SWEET OIL

* UPPER GAS BEARING ZONE BEING PREPARED FOR TESTING

Providence Resources P.l.c., ('Providence') the London (AIM) and Dublin
(ESM) quoted oil and gas exploration and production company is pleased to
provide an operational update on its ongoing well operations in the North Celtic
Sea Basin, offshore southern Ireland. The 48/24-10z Barryroe appraisal well is
located in c. 100 metre water depth, c. 50 kilometres offshore Ireland in
Standard Exploration Licence (SEL) 1/11 in the North Celtic Sea Basin.
Providence (80%) operates SEL 1/11 on behalf of its partner Lansdowne Oil & Gas
plc (20%).

A 24' thick net pay interval in the oil bearing basal Wealden sandstone section
was perforated as the first phase of the well testing programme. Stabilized flow
rates of 3,514 BOPD & 2.93 MMSCFGD (4,000 BOEPD) were achieved through a 68/64"
choke with a well head pressure of 517 psia without the use of artificial lift.
The well was tested using vacuum insulated tubing over just the upper c. 2,600'
of the total c. 7,400' test string length due to equipment availability
constraints. As expected, laboratory reservoir fluid analysis confirms that the
oil is light with a gravity of 42(o) API and a wax content of 20%. The oil is
highly mobile with an in-situ reservoir viscosity of 0.68 centipoises and a gas-
oil ratio of c. 800 SCF/STB.

The upper gas bearing basal reservoir zone is currently being prepared for
testing and flow rates from this section are planned to be comingled with the
basal oil zone to assess any additional flow rate potential. After these
operations are completed, it is planned to suspend the well for potential
sidetrack drilling. All data obtained from these operations will be integrated
with the 3D seismic acquired in 2011.

Commenting on today's announcement, Tony O'Reilly, CEO of Providence said:

"We are pleased to report flow rates of 3,514 BOPD which materially exceed our
stated pre-drill target of 1,800 BOPD. The well has also confirmed that the
basal sands are laterally continuous, highly productive and that the oils are of
a very high quality. Our comprehensive wire-line logging programme has revealed
the seismic signature of the basal sands and can therefore be used to map these
intervals directly in the 3D seismic volume for field volumetric determinations
and sidetrack well planning. The most recent development planning carried out by
RPS Energy cites the use of high angle oil production wells which should provide
significant incremental production potential over this simple vertical well.

"Given that we only assumed operatorship of Barryroe in late 2010, I would like
to pay tribute to all of the team members who have helped to deliver such a
successful outcome to this programme (site survey, 3D acquisition/processing,
rig procurement, drilling & testing) within such a challenging 15 month
timeline."

CONTACTS:
Providence Resources Plc Tel: [phone]
Tony O'Reilly

Powerscourt Tel: [phone]
Rory Godson / Lisa Kavanagh

Murray Consultants Tel: [phone]
Pauline McAlester / Pauline Dooley

Cenkos Securities Plc Tel: [phone]
Adrian Hargrave / Nick Wells

J&E Davy Tel: + 353 (0)1 679 6363
Eugenee Mulhern / Stephen Barry

ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil and gas exploration company whose
shares are traded on the AIM market in London and on Dublin's ESM market.
Providence's portfolio of production, appraisal and exploration assets includes
licence interests in Ireland (offshore) and the United Kingdom (onshore &
offshore). In 2011, Providence announced plans to invest with its partners
upwards of $500 million in the drilling of a number of exploration and
development wells in 6 different basins offshore Ireland. This multi-year
programme represents the largest drilling campaign ever carried out offshore
Ireland.www.providenceresources.com.

ABOUT BARRYROE
The Barryroe licence lies directly below the Seven Heads Gas Field and has
previously been successfully tested at flow rates of 1,300 and 1,500 BOPD from
the Middle Wealden and 1,600 BOPD from the basal Wealden, from three exploration
and appraisal wells. The reservoir sands are of Cretaceous Middle and Lower
Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil is light
(30 to 42(o) API) with a wax content ranging from 12 to 22 per cent. Providence
holds an 80% interest in the licence and operates on behalf of its partner
Lansdowne Oil and Gas Plc (20%).

In 2010 a third party audit carried out by RPS Energy for Lansdowne Oil & Gas
plc indicated combined Middle and Lower Wealden P50 and P10 STOIIP estimates for
Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C
Barryroe technically recoverable contingent resources are 59 MMBO and 144 MMBO,
respectively.

In 2011, Providence entered into a MOA with Shell Trading and Marketing to agree
an oil off-take agreement for future Barryroe oil production.

[funtimejonny] 10/3/2017 16:11

Yeah...I think ur right. Down 2% today?

[zhockey] 10/3/2017 15:40

Also there is a somewhat inexplicable correlation between PVR and the silver price!

[zhockey] 10/3/2017 15:21

I think the suppressed share price is because we are in an oil price downcycle.

[greatfull dead] 10/3/2017 15:12

Ftj,

Well done. Keep the faith.

ATB,
GD

[funtimejonny] 10/3/2017 15:09

Aex do in all right just now as well. Managed to buy a few on the dip and now rolling in profits.

[greatfull dead] 10/3/2017 14:58

Herm,

On topic. Nice 500,000 buy &17p at 12.27.01. Someone surely in de know!!!! Could it be the elusive Barryroe farm-out more than imminent now? Ya never know in these strange times. [...]

Off Topic,

Lady J cut my hair about 40 minutes ago, not a bad job she did, a lady with many talents. She needs them to put up with me! I am now shaved showered and booted for an important appointment at 4 pm today.

Then afterwards its home have some din dins and get ready for de game. Ireland to win by 5 points. Have you put a bet on with Paddy Power? I just might do one meself when I get home later.

Have you seen how KOD are doing today. I topped up there yesterday. Just pure luck on my part Amigo.

GLA,
GD

[hermana3] 10/3/2017 14:03

GD,Will be watching it locally. Ireland to win by 5 points. What do you make of trade here today? You would expect dave to shake it but it is as steady as Westie's hand after a night on de shandy....

[greatfull dead] 10/3/2017 13:57

Herm,

Are you going to me cousins bar tonight to watch Wales v Ireland game? If so I wish I was there too. I will be at home watching the game with Lady J. She will have her wine and I will have a six pack of Strongbow cider. No bets on who will win. But it ain't going to be easy for either team.

ATB,
GD

[hermana3] 10/3/2017 13:36

Not even profit taking going on! Could we be on the precipice of another bit of news? No secret Barryroe is the top priority here.

[ngms27] 10/3/2017 13:33

Or no one wants to sell and no one wants to buy badly enough

[1cagney] 10/3/2017 12:39

Very low volumes ... is it that theres very little freefloat to be traded ?