Source - GNW

OPERATIONAL UPDATE

FRONTIER EXPLORATION LICENCE 2/14
SOUTHERN PORCUPINE BASIN

  • MOBILISATION OF THE STENA ICEMAX DRILLSHIP FROM LAS PALMAS TO IRELAND HAS COMMENCED

Dublin and London - June 28, 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 JV Partners have contracted the Stena "IceMAX" deep-water drillship to drill the 53/6-A (Druid & Drombeg) exploration well in FEL 2/14.  Following the granting of a safety permit in respect of Well Work activities for Providence's Well Work Safety Case and Stena's Non-Production Safety Case from the Commission for Energy Regulation, the IceMAX has now mobilised from its base in Las Palmas, Gran Canaria with a current expected time of arrival (ETA) at the planned 53/6-A well location of July 3rd.

A further operational update will be provided once the actual drilling operations have commenced, which is subject to final Ministerial consent from the Department of Communications, Climate Action and Environment ("DCCAE").

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.




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Source: Providence Resources plc via Globenewswire