PROVIDENCE RES. Providence Resources P.L.C. - Technical Update
31 October 2017 - 6:00PM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
TECHNICAL UPDATE
-- LATEST BARRYROE & NEWGRANGE TECHNICAL PRESENTATIONS AVAILABLE ON COMPANY
WEBSITE
Dublin and London - October 31, 2017 - Providence Resources P.l.c. (PVR
LN, PRP ID), the Irish based Oil and Gas Exploration Company (the
"Company"), is today providing technical updates regarding Standard
Exploration Licence 1/11 ('Barryroe') and Frontier Exploration Licence
6/14 ('Newgrange') at the Atlantic Ireland 2017 Conference in Dublin.
Providence is presenting its plans for the Phase 1 drilling of the
48/24-K well and associated side-track in the North Celtic Sea Basin,
which is c. 5 km SSE and c. 200' up-dip from the 48/24-10z well on the
East Flank of the Barryroe field. This Phase 1 drilling programme,
which is currently targeted to take place during H2 2018/H1 2019
(subject to consents) is estimated to cost c. $25 million gross (c. $20
million net to Providence). The 48/24-10z well, which was drilled in
2011/12, tested c. 4,000 BOEPD of light (43(o) API) sweet crude from the
basal Wealden A Sand reservoir interval. These two new well
penetrations are designed to provide further definitioround structure,
reservoir, fluid phase, connectivity and resource estimates, thereby
materially moving the Barryroe East Flank project towards development.
The Phase 1 programme is targeting an estimated 463 MMBO STOIIP, with
162 MMBO REC (R(f) = 0.35).
At the Conference, Providence is also presenting its site survey plans
for the 62/07-A Newgrange exploration well, which is situated between
the southern Porcupine and Goban Spur Basins. Site survey planning
activities have already kicked off with offshore surveying expected to
commence summer 2018 (subject to consents). These activities are
designed to ready the Newgrange prospect for potential exploration
drilling during 2019 or 2020.
Both presentations are available for download on the Company's website.
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
October 31, 2017 03:00 ET (07:00 GMT)
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