PROVIDENCE RES. Providence Resources P.L.C. - Operational Update - Frontier Exploration Licence 6/14 - Newgrange
May 08 2018 - 2:00AM
UK Regulatory
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/
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May 08, 2018 02:00 ET (06:00 GMT)
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