PROVIDENCE RES. Providence Resources P.L.C. - Licence Updates - Helvick And Dunmore, North Celtic Sea Basin - Dunquin South, ...
02 November 2017 - 6:00PM
UK Regulatory
TIDMPVR
LICENCE UPDATES
HELVICK AND DUNMORE, NORTH CELTIC SEA BASIN
DUNQUIN SOUTH, SOUTHERN PORCUPINE BASIN
-- GOVERNMENT APPROVAL OF ASSIGNMENT OF EQUITY INTERESTS IN DUNMORE AND
HELVICK LEASE UNDERTAKINGS
-- CLOSING OF ACQUISITION OF ATLANTIC PETROLEUM'S EQUITY INTEREST IN DUNQUIN
SOUTH
Dublin and London - November 2, 2017 - Providence Resources P.l.c. (PVR
LN, PRP ID), the Irish based Oil and Gas Exploration Company
("Providence"), today provides licence updates regarding the Helvick and
Dunmore Lease Undertakings ("LU"), located in the North Celtic Sea Basin
and Dunquin South, located in Frontier Exploration Licence ("FEL") 3/04,
located in the southern Porcupine Basin.
Helvick & Dunmore Lease Undertakings
Providence can now confirm that the Minister of State at the Department
of Communications, Climate Action and Environment has given his consent
for the assignment of:
-- 10% interest in the Dunmore LU to Marginal Field Development Company
Limited
-- 10% of Providence's interest in the Helvick LU to Lansdowne Celtic Sea
Limited
-- 10% interest in the Helvick LU to Marginal Field Development Company
Limited
On completion of the associated farm-out agreements, the revised equity
participations in the Dunmore LU will be Providence Resources P.l.c.
(65.25%, Operator), Atlantic Petroleum (Ireland) Limited (16.50%),
Sosina Exploration Limited (8.25%) and Marginal Field Development
Company Limited (10.0%).
For the Helvick LU, the revised equity participations will be Providence
Resources P.l.c. (56.25%, Operator), Atlantic Petroleum (Ireland)
Limited (16.50%), Sosina Exploration Limited (8.25%), Lansdowne Celtic
Sea Limited (9%) and Marginal Field Development Company Limited (10.0%).
Dunquin South (FEL 3/04)
Providence also confirms that the acquisition of Atlantic Petroleum
(Ireland) Limited's equity in FEL 3/04 (announced in July 2015) has now
closed, following satisfaction of all conditions, including the consent
of the Minister of State at the Department of Communications, Climate
Action and Environment. The revised equity participations in FEL 3/04
are Eni Ireland BV (36.913%, Operator), Repsol Exploracion Irlanda SA
(33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration
Limited (2.684%).
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 P.l.c. 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
November 02, 2017 03:00 ET (07:00 GMT)
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