PROVIDENCE RES. Providence Resources P.L.C. Licence Update, Standard Exploration Licence 2/11, Kish Bank Basin
16 November 2016 - 6:00PM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
LICENCE UPDATE
STANDARD EXPLORATION LICENCE 2/11 ("Licence")
KISH BANK BASIN
-- EXTENSIONS OF TWO YEARS GRANTED FOR FIRST PHASE AND ONE YEAR ON THE
OVERALL TERM OF THE LICENCE
-- VOLUNTARY RELINQUISHMENT OF 55.39% OF THE AREA UNDER THE LICENCE
Dublin and London - November 16 , 2016 - Providence Resources P.l.c.
(PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the
"Company"), today provides an update regarding the Licence located in
the Kish Bank Basin, offshore the east coast of Ireland. The Company
holds and operates the Licence (100%) which contains the Lower Triassic
Sherwood Sandstone Kish Prospect that is situated in c. 25 metre water
depth and is c. 6 km offshore.
The Minister of State for the Department of Communications, Climate
Action and Environment has given his consent to extend the first phase
of the Licence by two years until 17(th) August 2018 and an overall
extension of one year to the licence term until 17(th) August 2020. Such
extensions should allow for the planning, consent and drilling of an
exploration well on the Kish Prospect within the first phase of the
Licence. The Company has also voluntarily relinquished 55.39% of the
area under the Licence considered to be unproductive.
Commenting on the announcement, Tony O'Reilly, Chief Executive of the
Company said:
"These phase extensions to SEL 2/11 are very welcome as they should
allow us to progress the Kish Prospect to drilling given the lead time
in consenting for a near shore activity. We will now commence work on
our foreshore licence submission, which will be a precursor to any
further work leading up to the drilling of the Kish 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.
ABOUT THE KISH PROSPECT
The Kish Prospect is located in the Kish Bank Basin, offshore Dublin,
which is a Mesozoic basin bearing many geological similarities with the
adjacent and prolific East Irish Sea Basin, offshore UK. This Lower
Triassic Sherwood Sandstone prospect is a fault and dip-closed structure
located c. 5,000' TVDSS as mapped on 2D seismic data. The prospect is
considered to have been sourced from underlying Carboniferous oil-prone
shales and sealed by overlying Upper Triassic halite and claystones with
estimated un-risked recoverable prospective resources of c. 210 MMBO.
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
November 16, 2016 02:00 ET (07:00 GMT)
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