PROVIDENCE RES. Providence Resources P.L.C. - Operational Update - Druid Prospect 53/6-1 Exploration Well, Frontier Explorati...

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   OPERATIONAL UPDATE 
 
   DRUID PROSPECT 
 
   53/6-1 EXPLORATION WELL 
 
   FRONTIER EXPLORATION LICENCE 2/14 
 
   SOUTHERN PORCUPINE BASIN 
 
 
   -- PALEOCENE DRUID RESERVOIR INTERVAL ENCOUNTERED WITHIN THE PRE-DRILL DEPTH 
      PROGNOSIS 
 
   -- PRELIMINARY INTERPRETATION INDICATES DRUID TO COMPRISE A POROUS WATER 
      BEARING RESERVOIR INTERVAL 
 
   -- THE WELL WILL BE DEEPENED TO EVALUATE THE LOWER CRETACEOUS DROMBEG 
      PROSPECT 
 
   Dublin and London - August 4, 2017 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), 
today provides an operational update regarding Frontier Exploration 
Licence ("FEL") 2/14 located in the southern Porcupine Basin.  FEL 2/14 
is operated by Providence Resources plc (56%) on behalf of its partners 
Capricorn Ireland Limited (a wholly owned subsidiary of Cairn Energy PLC, 
30%) and Sosina Exploration Limited (14%), collectively referred to as 
the "JV Partners".  The licence contains the Paleocene "Druid", Lower 
Cretaceous "Drombeg" and pre-Cretaceous "Diablo" prospects. 
 
 
 
   The 53/6-1 (pre-drill designation 53/6-A) well, which spudded on July 
11, 2017, is located in c. 2,233 metres of water and c. 220 kilometres 
off the south-west coast of Ireland.  The well, which is being drilled 
by the Stena IceMAX drill ship, penetrated the Paleocene Druid prospect 
within the pre-drill depth prognosis having been safely drilled to 
section target depth.  Preliminary petrophysical analysis of 'Logging 
While Drilling' (LWD) data indicates that the Druid prospect comprises a 
porous water-bearing reservoir. 
 
   In accordance with pre-drill plan, operations will now proceed to assess 
the deeper Lower Cretaceous Drombeg exploration target, which is 
situated c. 1,000 metres beneath Druid.  A further operational update 
will be provided once the Drombeg prospect has been penetrated or as 
appropriate. 
 
 
 
 
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

August 04, 2017 02:00 ET (06:00 GMT)

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