PROVIDENCE RES. Providence Resources P.L.C - Licence Update Sel 1/11
July 13 2017 - 2:00AM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
LICENCE UPDATE
STANDARD EXPLORATION LICENCE 1/11
BARRYROE OIL FIELD
-- TWO YEAR EXTENSION OF THE FIRST PHASE OF THE STANDARD EXPLORATION LICENCE
1/11 TO JULY 2019
-- FURTHER TWO YEAR EXTENSION TO OVERALL TERM OF THE STANDARD EXPLORATION
LICENCE 1/11 TO JULY 2021
Dublin and London - July 13, 2017 - Providence Resources P.l.c. (PVR LN,
PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"),
today provides an update on Standard Exploration Licence ("SEL") 1/11
that contains the Barryroe oil accumulation. SEL 1/11 is operated by
Exola DAC (80%), a wholly-owned Providence subsidiary, on behalf of its
partner Lansdowne Celtic Sea Limited (20%), collectively referred to as
the "Barryroe Partners". The area lies in c. 100 metre water depth in
the North Celtic Sea Basin and is c. 50 km off the south coast of
Ireland.
The Barryroe Partners have been granted a 2-year extension to the term
of the First Phase of SEL 1/11 to July 2019 and overall term to July
2021 by the Minister for Communications, Climate Action & Environment
subject to the Barryroe Partners carrying out a work programme that
includes the evaluation of newly reprocessed 3D seismic data together
with an assessment of the Jurassic and Triassic exploration potential of
the licence area.
Speaking today, Tony O'Reilly, Chief Executive of Providence said,
"We are very pleased to be granted these extensions to the Barryroe
licence, which provides additional security of tenure whilst we continue
the farm-out process. The Barryroe partners are in dialogue with a
number of parties regarding advancing the appraisal of Barryroe through
to first oil.
The extension work programme includes evaluating the deeper exploration
potential of the licence, which offers exciting upside, over and above
the substantial resources already identified in Barryroe."
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
July 13, 2017 02:00 ET (06:00 GMT)
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