PROVIDENCE RES. Providence Resources P.L.C. - Licence Updates - Helvick And Dunmore, North Celtic Sea Basin - Dunquin South, ...

 
TIDMPVR 
 
   LICENCE UPDATES 
 
   HELVICK AND DUNMORE, NORTH CELTIC SEA BASIN 
 
   DUNQUIN SOUTH, SOUTHERN PORCUPINE BASIN 
 
 
   -- GOVERNMENT APPROVAL OF ASSIGNMENT OF EQUITY INTERESTS IN DUNMORE AND 
      HELVICK LEASE UNDERTAKINGS 
 
   -- CLOSING OF ACQUISITION OF ATLANTIC PETROLEUM'S EQUITY INTEREST IN DUNQUIN 
      SOUTH 
 
 
   Dublin and London - November 2, 2017 - Providence Resources P.l.c. (PVR 
LN, PRP ID), the Irish based Oil and Gas Exploration Company 
("Providence"), today provides licence updates regarding the Helvick and 
Dunmore Lease Undertakings ("LU"), located in the North Celtic Sea Basin 
and Dunquin South, located in Frontier Exploration Licence ("FEL") 3/04, 
located in the southern Porcupine Basin. 
 
   Helvick & Dunmore Lease Undertakings 
 
   Providence can now confirm that the Minister of State at the Department 
of Communications, Climate Action and Environment has given his consent 
for the assignment of: 
 
 
   -- 10% interest in the Dunmore LU to Marginal Field Development Company 
      Limited 
 
   -- 10% of Providence's interest in the Helvick LU to Lansdowne Celtic Sea 
      Limited 
 
   -- 10% interest in the Helvick LU to Marginal Field Development Company 
      Limited 
 
 
   On completion of the associated farm-out agreements, the revised equity 
participations in the Dunmore LU will be Providence Resources P.l.c. 
(65.25%, Operator), Atlantic Petroleum (Ireland) Limited (16.50%), 
Sosina Exploration Limited (8.25%) and Marginal Field Development 
Company Limited (10.0%). 
 
   For the Helvick LU, the revised equity participations will be Providence 
Resources P.l.c. (56.25%, Operator), Atlantic Petroleum (Ireland) 
Limited (16.50%), Sosina Exploration Limited (8.25%), Lansdowne Celtic 
Sea Limited (9%) and Marginal Field Development Company Limited (10.0%). 
 
   Dunquin South (FEL 3/04) 
 
   Providence also confirms that the acquisition of Atlantic Petroleum 
(Ireland) Limited's equity in FEL 3/04 (announced in July 2015) has now 
closed, following satisfaction of all conditions, including the consent 
of the Minister of State at the Department of Communications, Climate 
Action and Environment. The revised equity participations in FEL 3/04 
are Eni Ireland BV (36.913%, Operator), Repsol Exploracion Irlanda SA 
(33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration 
Limited (2.684%). 
 
 
 
 
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 P.l.c. 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

November 02, 2017 03:00 ET (07:00 GMT)

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