PROVIDENCE RES. Providence Resources P.L.C - Licence Update Sel 1/11

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   LICENCE UPDATE 
 
   STANDARD EXPLORATION LICENCE 1/11 
 
   BARRYROE OIL FIELD 
 
 
   -- TWO YEAR EXTENSION OF THE FIRST PHASE OF THE STANDARD EXPLORATION LICENCE 
      1/11 TO JULY 2019 
 
   -- FURTHER TWO YEAR EXTENSION TO OVERALL TERM OF THE STANDARD EXPLORATION 
      LICENCE 1/11 TO JULY 2021 
 
 
   Dublin and London - July 13, 2017 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), 
today provides an update on Standard Exploration Licence ("SEL") 1/11 
that contains the Barryroe oil accumulation. SEL 1/11 is operated by 
Exola DAC (80%), a wholly-owned Providence subsidiary, on behalf of its 
partner Lansdowne Celtic Sea Limited (20%), collectively referred to as 
the "Barryroe Partners". The area lies in c. 100 metre water depth in 
the North Celtic Sea Basin and is c. 50 km off the south coast of 
Ireland. 
 
   The Barryroe Partners have been granted a 2-year extension to the term 
of the First Phase of SEL 1/11 to July 2019 and overall term to July 
2021 by the Minister for Communications, Climate Action & Environment 
subject to the Barryroe Partners carrying out a work programme that 
includes the evaluation of newly reprocessed 3D seismic data together 
with an assessment of the Jurassic and Triassic exploration potential of 
the licence area. 
 
   Speaking today, Tony O'Reilly, Chief Executive of Providence said, 
 
   "We are very pleased to be granted these extensions to the Barryroe 
licence, which provides additional security of tenure whilst we continue 
the farm-out process. The Barryroe partners are in dialogue with a 
number of parties regarding advancing the appraisal of Barryroe through 
to first oil. 
 
   The extension work programme includes evaluating the deeper exploration 
potential of the licence, which offers exciting upside, over and above 
the substantial resources already identified in Barryroe." 
 
 
 
 
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 13, 2017 02:00 ET (06:00 GMT)

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