PVR Providence Resources Plc

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
   OPERATIONAL UPDATE 
 
   FRONTIER EXPLORATION LICENCE 6/14 
 
   NEWGRANGE 
 
 
   -- HIGH RESOLUTION 2D SEISMIC ACQUISITION AND WELL EXPLORATION SITE SURVEY 
      CONTRACT AWARDED TO GARDLINE 
 
   -- DATA ACQUISITION PLANNED TO OCCUR Q3 2018 USING THE M/V KOMMANDOR 
 
   -- COMMERCIAL DISCUSSIONS WITH POTENTIAL THIRD PARTY FARMINEES ARE 
      CONTINUING 
 
 
   Dublin and London - May 8, 2018 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), 
today provides an update on Frontier Exploration Licence ("FEL") 6/14 
that contains the Newgrange Prospect.  FEL 6/14 is operated by 
Providence Resources P.l.c., on behalf of its partner Sosina Exploration 
Limited (20%), referred to as the Newgrange Partners and is situated in 
c. 1,000 m water depth being c. 260 km off the south-west coast of 
Ireland. 
 
   The Newgrange Partners have awarded a contract to Gardline for the 
acquisition of a new high resolution 2D reflection seismic survey over 
the crest of the Newgrange prospect whilst also providing data suitable 
for input to an application for the permitting of an offshore 
exploration well.  Gardline plan to mobilise the M/V Kommandor vessel, 
which is expected to carry out the data acquisition during Q3 2018, 
subject to regulatory consent. 
 
   Commercial discussions in relation to a potential farm-out of equity in 
the licence are continuing. 
 
   Speaking today, Dr John O'Sullivan, Technical Director of Providence 
said, 
 
   "We are pleased to announce the award of the 2018 Newgrange data 
acquisition programme to Gardline and look forward to commencing 
operations during the summer months.  The Newgrange prospect provides 
significant stacked exploration potential at both Jurassic and 
Cretaceous levels with proven source, reservoir and seal demonstrated in 
the previous off-structure 62/7-1 exploration well.  The relatively 
shallow nature of the reservoir intervals also means that this data 
acquisition programme may provide even further insight to de-risk the 
potential presence of hydrocarbons within the subsurface prior to 
drilling." 
 
   INVESTOR ENQUIRIES 
 
 
 
 
Providence Resources P.l.c.             Tel: +353 1 219 4074 
Tony O'Reilly, Chief Executive Officer 
John O'Sullivan, Technical Director 
 
Cenkos Securities plc                   Tel: +44 131 220 9771 
Neil McDonald/Derrick Lee 
 
J&E Davy                                Tel: +353 1 679 6363 
Anthony Farrell 
 
Mirabaud Securities Limited             Tel: +44 203 167 7221 
Peter Krens 
 
MEDIA ENQUIRIES 
Powerscourt                             Tel: +44 207 250 1446 
Peter Ogden 
 
Murray Consultants                      Tel: +353 1 498 0300 
Pauline McAlester 
 
   ABOUT PROVIDENCE RESOURCES 
 
   Providence Resources is an Irish based Oil & Gas Exploration Company 
with a portfolio of appraisal and exploration assets located offshore 
Ireland.  Providence's shares are quoted on the AIM in London and the 
ESM in Dublin. Further information on Providence can be found at 
providenceresources.com. 
 
   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

May 08, 2018 02:00 ET (06:00 GMT)

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