PVR Providence Resources Plc

 
TIDMPVR 
 
 
   THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
 
 
   OPERATIONAL UPDATE 
 
   FRONTIER EXPLORATION LICENCE 6/14 
 
   NEWGRANGE 
 
 
 
 
   -- DEMOBILISATION OF GARDLINE'S M/V KOMMANDOR HAS COMMENCED 
 
   -- LARGE NUMBERS OF SEABED POCKMARKS IMAGED ON SITE SURVEY DATA 
 
   -- DISCUSSIONS WITH POTENTIAL THIRD PARTY FARMINEES CONTINUE 
 
 
   Dublin and London - July 11, 2018 - Providence Resources P.l.c. (PVR LN, 
PRP ID), the Irish based Oil & Gas Exploration 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%), 
collectively 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 can confirm that Gardline's M/V Kommandor site 
survey vessel has commenced demobilisation following the acquisition of 
data suitable for input to an application for the permitting of a 
Newgrange exploration well.  Initial analysis of the seabed data over 
the proposed Newgrange well location has confirmed the presence of more 
than 100 seabed pockmark features.  There are a number of reasons why 
seabed pockmark features are present and these seabed pockmark features 
are interpreted by the Newgrange Partners to be the result of fluid 
seepage from the underlying geology.  The Newgrange Partners can also 
confirm that discussions in relation to a potential farm-out of equity 
in the Newgrange licence to third parties are continuing. 
 
 
 
   Speaking today, Dr John O'Sullivan, Technical Director of Providence 
said, 
 
 
 
   "We are pleased to confirm the safe and successful completion of 
Newgrange site survey operations.  The initial results support the 
potential presence of a working petroleum system in the Newgrange 
prospect area.  We are especially pleased with the results as we had 
hoped to see some evidence of fluid seepage given the shallow nature of 
the Newgrange prospect.  We are also continuing to liaise with 
interested potential co-venture partners and these new data will no 
doubt provide further momentum to those discussions." 
 
 
 
 
 
 
 
 
INVESTOR ENQUIRIES 
Providence Resources P.l.c.              Tel: +353 1 219 4074 
Tony O'Reilly, Chief Executive Officer 
Dr. 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. 
 
 
 
   ABOUT POCKMARKS 
 
   Seabed pockmarks are depressions formed in the seabed 
https://en.wikipedia.org/wiki/Seabed caused by the natural eruption of 
low density fluids from the underlying sediments onto the seafloor. 
Pockmarks often form naturally due to oil or gas leaking from underlying 
hydrocarbon https://en.wikipedia.org/wiki/Hydrocarbon accumulations and 
have for instance been noted over the Connemara oil discovery in the 
North Porcupine Basin. 
 
 
 
   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

July 11, 2018 02:00 ET (06:00 GMT)

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