PROVIDENCE RES. Providence Resources P.L.C. - Frontier Exploration Licence 3/04 - Dunquin South, Porcupine Basin
November 13 2018 - 1:00AM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FRONTIER EXPLORATION LICENCE 3/04
DUNQUIN SOUTH, PORCUPINE BASIN
-- PARTNERS APPROVE 2019 WELL SITE SURVEY BUDGET
Dublin and London - November 13, 2018 - Providence Resources P.l.c. (PVR
LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence"
or the "Company"), today provides a licence update on Frontier
Exploration Licence ("FEL") 3/04 located in the southern Porcupine
Basin. FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of
its partners, Repsol Exploracion Irlanda SA (33.557%), Providence
Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%),
collectively referred to as the "FEL 3/04 Partners". The licence
contains the undrilled Lower Cretaceous "Dunquin South" carbonate
exploration prospect as well as the adjacent "Dunquin North" carbonate
build-up, which hosts a residual oil column.
Having completed the interpretation of the newly acquired 3D seismic
data, the FEL 3/04 Partners have now approved the 2019 Work Programme &
Budget to include the acquisition of a well site survey over the Dunquin
South prospect.
Commenting today, Tony O'Reilly, Chief Executive Officer of Providence
Resources said:
"We are very pleased to confirm that the Dunquin partners have approved
the budget for the acquisition of a well site survey over Dunquin South,
which is a prerequisite for the drilling of an exploration well on this
high impact exploration prospect. We look forward to keeping all
stakeholders updated on the forward plans for this licence."
INVESTOR ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer
Dr. John O'Sullivan, Technical Director
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
Mirabaud Securities Limited Tel: + 44 20 3167 7221
Peter Krens
MEDIA ENQUIRIES
Powerscourt Tel: +44 207 250 1446
Peter Ogden
Murray Consultants Tel: +353 1 498 0300
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 13, 2018 02:00 ET (07:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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