PROVIDENCE RES. Providence Resources P.L.C.: Licensing Option 16/27 - Southern Porcupine Basin

 
TIDMPVR 
 
   Licence Update 
 
   Licensing Option 16/27 
 
   Southern Porcupine Basin 
 
 
   -- COMPLETION OF FARM-IN WITH TOTAL 
 
   -- MINISTERIAL APPROVAL FOR ASSIGNMENT OF 50% EQUITY AND OPERATORSHIP OF 
      LICENSING OPTION 16/27 TO TOTAL 
 
 
   Dublin and London - October 18, 2017 - Providence Resources P.l.c. (PVR 
LN, PRP ID), the Irish based Oil and Gas Exploration Company, provides 
an update on Licensing Option ("LO") 16/27.  Providence is pleased to 
confirm that the agreed farm-in by TOTAL E&P Ireland B.V. ("TOTAL"), a 
wholly owned subsidiary of TOTAL S.A. has now completed.  This follows 
approval of the Minister of State at the Department of Communications, 
Climate Action and Environment to the transfer of 50% equity and 
Operatorship of LO 16/27 (Avalon) to TOTAL. 
 
   In June 2017, Providence announced (RNS June 7, 2017) that Providence 
and Sosina Exploration Limited ("Sosina") had signed a Farm-in Agreement 
("FIA") with TOTAL whereby TOTAL will take a 50% working interest and 
Operatorship in LO 16/27, subject to Ministerial approval.  Under the 
terms of the FIA, TOTAL: 
 
 
   -- Pays its pro-rata share of past gross costs of c. US$ 0.175 million 
 
   -- In addition to its pro-rata share, pays 21.4% of the past and future 
      costs during the 2-year term of LO 16/27, subject to a gross cost cap of 
      US$ 1.33 million 
 
   -- In the event that the JV partners agree to convert LO 16/27 into a 
      Frontier Exploration Licence, and a subsequent decision is taken to drill 
      an exploration well, TOTAL will pay 60% of the drilling costs, subject to 
      a gross well cap of US$ 42 million 
 
 
   With the farm-in now completed, the revised equity in LO 16/27 is TOTAL 
(Operator - 50%), Providence (40%) and Sosina (10%). 
 
 
 
 
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 
 
   Providence Resources is an Irish based Oil and Gas Exploration Company 
with a portfolio of appraisal and exploration assets located offshore 
Ireland. Providence'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 (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

October 18, 2017 02:00 ET (06:00 GMT)

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