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Share Name Share Symbol Market Type Share ISIN Share Description
Providence Resources Plc LSE:PVR London Ordinary Share IE00B66B5T26 ORD EUR0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125 -3.91% 3.075 3.05 3.10 3.25 3.05 3.20 1,880,842 14:48:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -18.1 -3.0 - 26

PROVIDENCE RES. Licence Update - Frontier Exploration Licence 2/19 - Southern Porcupine Basin

28/11/2019 7:00am

UK Regulatory (RNS & others)


 
TIDMPVR 
 
   LICENCE UPDATE 
 
   FRONTIER EXPLORATION LICENCE 2/19 
 
   SOUTHERN PORCUPINE BASIN 
 
   --WITHDRAWAL OF TOTAL AND ASSIGNMENT OF EQUITY & TRANSFER OF 
OPERATORSHIP IN FEL 2/19 TO PROVIDENCE 
 
   Dublin and London -- November 28, 2019 - Providence Resources P.l.c. 
(PVR LN, PRP ID), the Irish based Energy  Company, provides a Licence 
Update on Frontier Exploration Licence ("FEL") 2/19.  FEL 2/19 is 
located in the southern Porcupine Basin, offshore Ireland and contains 
the undrilled Paleocene "Avalon" exploration prospect. FEL2/19 lies 
adjacent to FEL3/04 in which Providence also has an interest. 
 
   Following a decision by TOTAL E&P Ireland B.V. ("TOTAL"), a wholly owned 
subsidiary of TOTAL S.A., to withdraw from FEL 2/19, Providence is 
pleased to confirm that the Minister of State at the Department of 
Communications, Climate Action and Environment has approved the 
assignment of TOTAL's equity (50%) to Providence and Sosina, as well as 
the transfer of Operatorship to Providence.  Accordingly, the revised 
equity in FEL 2/19 is now Providence (Operator - 80%) and Sosina 
Exploration Limited (20%). 
 
   Commenting on the announcement, Tony O'Reilly, Chief Executive at 
Providence, said: 
 
   "We are obviously sad to see TOTAL withdraw from the Irish sector in 
general and Avalon specifically as they have been an excellent partner 
over the past few years.  TOTAL did some great technical work as 
Operator of FEL 2/19 where the JV recently acquired new 3D seismic data. 
Providence and Sosina will now continue with the evaluation of this data 
in conjunction with a new farm-out process to bring in a suitable 
industry partner to assist in a future drill decision for the Avalon 
prospect." 
 
 
 
 
INVESTOR ENQUIRIES 
-------------------------------------- 
Providence Resources P.l.c.               Tel: +353 1 219 4074 
Tony O'Reilly, Chief Executive Officer 
 
Cenkos Securities plc                     Tel: +44 131 220 9771 
Neil McDonald/Derrick Lee 
 
J&E Davy                                  Tel: +353 1 679 6363 
Anthony Farrell 
 
Mirabaud Securities Limited               Tel: +44 203 167 7221 
Peter Krens 
 
MEDIA ENQUIRIES 
-------------------------------------- 
Powerscourt                               Tel: +44 207 250 1446 
Peter Ogden 
 
Murray Consultants                        Tel: +353 1 498 0300 
Pauline McAlester 
 
   ABOUT PROVIDENCE RESOURCES 
 
   Providence Resources is an Irish based Energy 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. 
 
 
 
 

(END) Dow Jones Newswires

November 28, 2019 02:00 ET (07:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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