PROVIDENCE RES. Providence Resources P.L.C. - Operational Update - Drombeg Prospect, 53/6-1 Exploration Well, Frontier Explor...
September 11 2017 - 1:01AM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
OPERATIONAL UPDATE
DROMBEG PROSPECT
53/6-1 EXPLORATION WELL
FRONTIER EXPLORATION LICENCE 2/14
SOUTHERN PORCUPINE BASIN
-- LOWER CRETACEOUS DROMBEG RESERVOIR INTERVAL ENCOUNTERED WITHIN THE
PRE-DRILL DEPTH PROGNOSIS
-- PRELIMINARY LOG INTERPRETATION INDICATES THE PRESENCE OF A POROUS WATER
BEARING RESERVOIR INTERVAL
-- FOLLOWING A COMPREHENSIVE DATA ACQUISITION PROGRAMME THE WELL IS BEING
PLUGGED AND ABANDONED AS PER PROGRAMME
Dublin and London - September 11, 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 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, drilled by the Stena IceMAX
drill ship, reached a final total depth of 5,281 metres MDBRT, having
penetrated the north flank of the Lower Cretaceous Drombeg Prospect,
which was encountered within the pre-drill depth prognosis. Logging
together with down-hole sampling has confirmed that the Drombeg Prospect
contains a porous water-bearing reservoir interval at the well location.
The possible presence of bitumen was reported in drill cuttings within
the Drombeg reservoir interval which may indicate that it received an
oil charge which was not retained at this location. However, further
studies will be required in order to confirm this interpretation and its
implications for the wider prospectivity within FEL 2/14.
As per the pre-agreed and consented programme, the well is currently
being plugged and abandoned after which the Stena IceMAX will be
demobilised from Irish waters.
Speaking today, Tony O'Reilly, Chief Executive of Providence said:
"The 53/6-1 well results at the Drombeg level are disappointing and we
will now assess these well data in order to understand what implications
they have for prospectivity within the licence including in the
underlying pre-Cretaceous Diablo Prospect together with other anomalies
within FEL 2/14. Frontier exploration requires perseverance and we look
forward to seeing the outcome of exploration wells planned for acreage
proximate to FEL 2/14, which will test plays similar to Diablo and to
those which have proved to be successful in the conjugate Flemish Pass
Basin, offshore Canada."
"53/6-1 is situated in the deepest water of any exploration well ever
drilled offshore Ireland and is an important operational milestone for
Providence, being our first harsh environment ultra-deep water well
operation. Furthermore, through our pre-drill commercial transactions
with Cairn (farm-in) and TOTAL (Option), Providence's financial exposure
to the well was significantly reduced, thereby ensuring that we remain
well funded for our forward drilling operations offshore Ireland, with
Barryroe being planned as our next well in this programme."
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
September 11, 2017 02:01 ET (06:01 GMT)
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