Providence Resources PLC (PVR.LN), an independent oil and gas exploration company, said Friday through its unit EIRGAS Limited, it has selected international engineering and project management company AMEC (AMEC.LN) to begin a conceptual development study for the ULYSSES salt cavern gas storage project in the Kish Bank Basin, offshore eastern Ireland.

MAIN FACTS:

-The ULYSSES Project, which commenced in 2008, assessed the natural gas storage and carbon sequestration potential of the Kish Bank Basin, offshore Dublin; The study confirmed a site which may be suitable for the construction of an offshore natural gas salt cavern storage facility.

-The initial phase of the study includes planning and gas sourcing and is expected to be completed by first quarter of 2011.

-Shares of Providence Resources on Thursday closed at 157.5 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com