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Providence Resources P.l.c. - Technical Update

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

TECHNICAL UPDATE

  • LATEST BARRYROE & NEWGRANGE TECHNICAL PRESENTATIONS AVAILABLE ON COMPANY WEBSITE

Dublin and London - October 31, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), is today providing technical updates regarding Standard Exploration Licence 1/11 (`Barryroe`) and Frontier Exploration Licence 6/14 (`Newgrange`) at the Atlantic Ireland 2017 Conference in Dublin.

Providence is presenting its plans for the Phase 1 drilling of the 48/24-K well and associated side-track in the North Celtic Sea Basin, which is c. 5 km SSE and c. 200` up-dip from the 48/24-10z well on the East Flank of the Barryroe field.  This Phase 1 drilling programme, which is currently targeted to take place during H2 2018/H1 2019 (subject to consents) is estimated to cost c. $25 million gross (c. $20 million net to Providence).  The 48/24-10z well, which was drilled in 2011/12, tested c. 4,000 BOEPD of light (43o API) sweet crude from the basal Wealden A Sand reservoir interval.  These two new well penetrations are designed to provide further definitioround structure, reservoir, fluid phase, connectivity and resource estimates, thereby materially moving the Barryroe East Flank project towards development.  The Phase 1 programme is targeting an estimated 463 MMBO STOIIP, with 162 MMBO REC (Rf = 0.35).

At the Conference, Providence is also presenting its site survey plans for the 62/07-A Newgrange exploration well, which is situated between the southern Porcupine and Goban Spur Basins.  Site survey planning activities have already kicked off with offshore surveying expected to commence summer 2018 (subject to consents).  These activities are designed to ready the Newgrange prospect for potential exploration drilling during 2019 or 2020.

Both presentations are available for download on the Company`s website.

INVESTOR ENQUIRIES  
   
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O`Reilly, Chief Executive Officer       
   
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee  
   
J&E Davy Tel: +353 1 679 6363
Anthony Farrell  
   
MEDIA ENQUIRIES  
   
Powerscourt Tel: +44 207 250 1446
Lisa Kavanagh/Peter Ogden  
   
Murray Consultants Tel: +353 1 498 0300
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.



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Source: Providence Resources plc via GlobeNewswire

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