PROVIDENCE RES. Providence Resources P.L.C. - Standard Exploration Licence 1/11 Barryroe - North Celtic Sea Basin

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   STANDARD EXPLORATION LICENCE 1/11 
 
   BARRYROE, NORTH CELTIC SEA BASIN 
 
 
   -- VOLUNTARY DECISION NOT TO ACT ON SITE SURVEY PERMISSION 
 
   -- RESCHEDULING OF PLANNED SITE SURVEY PROGRAMME FROM Q4 2018 TO Q1 2019 
 
 
   Dublin and London - November 30, 2018 - Providence Resources P.l.c. (PVR 
LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" 
or the "Company"), today provides an update on the planned well site 
survey operations over Standard Exploration Licence ("SEL") 1/11 that 
contains the Barryroe oil accumulation.  SEL 1/11 is operated by EXOLA 
DAC ("EXOLA", 40%), a wholly-owned Providence subsidiary, on behalf of 
its partners, APEC Energy Enterprises Limited ("APEC", 50%) and 
Lansdowne Celtic Sea Limited ("Lansdowne", 10%).  The area lies in c. 
100 metre water depth in the North Celtic Sea Basin and is located c. 50 
km off the south coast of Ireland. 
 
   Voluntary Decision Not to Act on Well Site Survey Permit 
 
   Following an application for judicial review by An Taisce, taken against 
the Minister of Communications, Climate Action and Environment ("the 
Minister") and the Attorney General, challenging the legality of the 
permission granted to EXOLA to conduct well site survey operations at 
Barryroe, and subsequent discussions with EXOLA's legal advisers, a 
decision has been taken by EXOLA and its partners not to act on the well 
site survey permission with immediate effect.  EXOLA has advised the 
Department of Communications, Climate Action and Environment ("DCCAE") 
of this decision. 
 
   Background - Well Site Survey Operations 
 
   On September 20, 2018, the Company announced its plans to conduct well 
site survey operations in preparation for its future drilling programme 
at Barryroe, subject to regulatory consent.  The permission for the well 
site survey operations was granted to EXOLA on October 8, 2018 by the 
Minister, with the commencement of operations scheduled to be carried 
out in Q4 2018 using Gardline's "Ocean Observer" vessel. 
 
   Background - Legal Proceedings 
 
   On November 15, 2018, the Company was notified that An Taisce issued 
legal proceedings on November 12, 2018 against the Minister and the 
Attorney General (with EXOLA as a notice party) regarding the issuance 
of the permission for EXOLA to conduct well site survey operations at 
Barryroe.  Specifically, in its application, An Taisce sought to 
challenge by way of Judicial Review the process by which permission for 
the well site survey operations had been granted by the Minister, as 
well as raising other issues relative to environmental assessment and 
compliance with EU law.  The matter initially came before the court on 
November 20, 2018 but was adjourned by Mr. Justice Noonan until December 
11, 2018. 
 
   Postponement of Site Survey 
 
   As a result of this voluntary decision not to act on the site survey 
permission, EXOLA has postponed the planned well site survey for Q4 2018 
and will now apply to the Minister for a new permission to carry out 
well site survey activities as early as practicable in 2019, in advance 
of its drilling programme at Barryroe which is being scheduled for later 
in 2019.  Without prejudice to the site survey application process, 
EXOLA is planning to be in a position to conduct its well site survey 
operations in spring 2019 in advance of the commencement of the planned 
drilling operations in Q3 2019, such drilling operations being subject 
to the requisite approvals and consents from the Minister. 
 
   Commenting on the announcement, Tony O'Reilly, Chief Executive of 
Providence said: 
 
   "We are frustrated by this turn of events, especially as we complied 
fully with all environmental and planning regulations in applying for 
and subsequently receiving the site survey permission.  However, with 
the site survey permission now being the subject of legal challenge, 
combined with delays with the site survey vessel arriving in Irish 
waters, would have resulted in undue delays to the Company carrying out 
its proposed activities.  Whilst it is disappointing that this situation 
has arisen, we felt that it was in the best interest for the overall 
programme not to act on the site survey permission and re-apply, thereby 
avoiding any unnecessary costs and possible further delays associated 
with the judicial review proceedings. 
 
   "Whilst this rescheduling will impact the planned start of the 
multi-well drilling programme at Barryroe, moving it from Q2 2019 into 
Q3 2019, we believe that it does not materially impact the timing of the 
overall delivery of the programme." 
 
 
 
 
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 
 
Mirabaud Securities Limited             Tel: + 44 20 3167 7221 
Peter Krens 
 
MEDIA ENQUIRIES 
Powerscourt                             Tel: [phone] 
Peter Ogden 
 
Murray Consultants                      Tel: [phone] 
Pauline McAlester 
 
   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. 
 
   ABOUT PROVIDENCE RESOURCES 
 
   Providence Resources is an Irish based Oil & Gas Exploration 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. Further information on Providence can be found on 
www.providenceresources.com 
 
   This announcement is distributed by West Corporation on behalf of West 
Corporation 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 30, 2018 02:00 ET (07:00 GMT)

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