PROVIDENCE RES. Southern Porcupine Basin - Drilling Operations On The 53/6-A Exploration Well Programme Have Commenced
July 12 2017 - 1:00AM
UK Regulatory
TIDMPVR
OPERATIONAL UPDATE
FRONTIER EXPLORATION LICENCE 2/14
SOUTHERN PORCUPINE BASIN
-- DRILLING OPERATIONS ON THE 53/6-A EXPLORATION WELL PROGRAMMME HAVE
COMMENCED
Dublin and London - July 12, 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 JV Partners have contracted the Stena "IceMAX" deep-water drillship
to drill the 53/6-A well in FEL 2/14 to evaluate the vertically stacked
Paleocene Druid and Lower Cretaceous Drombeg exploration prospects.
Following consent from the Minister of Communications, Climate Action
and Environment on July 11, 2017, Providence can confirm that drilling
operations on the 53/6-A well programme have commenced.
A further operational update will be provided once the Paleocene Druid
prospect has been penetrated or as appropriate. Drilling is then
planned to continue to the underlying Lower Cretaceous Drombeg prospect.
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.
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 12, 2017 02:00 ET (06:00 GMT)
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