PROVIDENCE RES. Providence Resources P.L.C. - Operational Update - Druid Prospect 53/6-1 Exploration Well, Frontier Explorati...
04 August 2017 - 4:00PM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
OPERATIONAL UPDATE
DRUID PROSPECT
53/6-1 EXPLORATION WELL
FRONTIER EXPLORATION LICENCE 2/14
SOUTHERN PORCUPINE BASIN
-- PALEOCENE DRUID RESERVOIR INTERVAL ENCOUNTERED WITHIN THE PRE-DRILL DEPTH
PROGNOSIS
-- PRELIMINARY INTERPRETATION INDICATES DRUID TO COMPRISE A POROUS WATER
BEARING RESERVOIR INTERVAL
-- THE WELL WILL BE DEEPENED TO EVALUATE THE LOWER CRETACEOUS DROMBEG
PROSPECT
Dublin and London - August 4, 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 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, which is being drilled
by the Stena IceMAX drill ship, penetrated the Paleocene Druid prospect
within the pre-drill depth prognosis having been safely drilled to
section target depth. Preliminary petrophysical analysis of 'Logging
While Drilling' (LWD) data indicates that the Druid prospect comprises a
porous water-bearing reservoir.
In accordance with pre-drill plan, operations will now proceed to assess
the deeper Lower Cretaceous Drombeg exploration target, which is
situated c. 1,000 metres beneath Druid. A further operational update
will be provided once the Drombeg prospect has been penetrated or as
appropriate.
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
August 04, 2017 02:00 ET (06:00 GMT)
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