Providence Resources P.l.c. - Operational Updat...

August 18^th, 2014
Embargo: 7am

OPERATIONAL UPDATE

2D SEISMIC SURVEYING OPERATIONS
COMMENCE ON NEWGRANGE PROSPECT
GOBAN SPUR BASIN, OFFSHORE IRELAND

Providence Resources P.l.c. ("Providence"), the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to announce that 2D seismic surveying operations have now commenced over Frontier Exploration Licence ("FEL") 6/14 ("Newgrange"). The Newgrange prospect area lies in c. 1,000 metre water depth in the Goban Spur Basin and is located c. 260 km off the south west coast of Ireland. Providence Resources (80%) is Operator of this licence with its partner, Sosina Exploration (20%).

The MC2D survey, using the M/V Harrier Explorer, is being carried out under contract by Polarcus MC Limited and Seabird Exploration, and provides for the acquisition of 2,500 line kilometres of new 'state of the art' long offset 2D seismic reflection data in the Newgrange area. Approximately 1,000 line kilometres will be focused on the Newgrange prospect, together with associated seismic well tie lines. This regional 2D seismic programme will also tie into Polarcus' South Porcupine MC3D survey and the Dunquin North exploration well, which has proven an oil exploration play concept in Cretaceous-aged carbonates in the area.

Speaking today, John O'Sullivan, Technical Director of Providence said,

"Providence is very pleased to anchor yet another seismic acquisition programme off the west coast. This survey, in tandem with the two 3D seismic acquisition programmes currently being acquired over our Drombeg prospect and our Spanish Point South prospects, will give valuable new data over the North and South Porcupine basins, as well as the Goban Spur Basin. These activities demonstrate our major commitment to the exploration of the Ireland's highly prospective Atlantic Margin basins and will provide valuable proprietary new data in advance of the upcoming licensing round.

CONTACTS

Providence Resources P.l.c.	Tel: [phone]
Tony O' Reilly, Chief Executive John O'Sullivan, Technical Director
Powerscourt	Tel: [phone]
Lisa Kavanagh / Rob Greening
Murray Consultants	Tel: [phone]
Pauline McAlester
Cenkos Securities Plc	Tel: [phone]
Nick Wells / Max Hartley
J&E Davy	Tel: + 353 1 679 6363
Eugenee Mulhern /Anthony Farrell
Liberum	Tel: [phone]
Clayton Bush

ABOUT PROVIDENCE
Providence Resources P.l.c. is an Irish based oil & gas exploration and development company with a portfolio of appraisal and exploration assets offshore Ireland and the U.K. The Company is currently leading a circa $500 million multi-year drilling programme on a number of exploration/development wells over 6 different basins offshore Ireland, representing the largest drilling campaign ever carried out offshore Ireland www.providenceresources.com.

ANNOUNCEMENT
This announcement has been reviewed by John O'Sullivan, Technical Director, Providence Resources P.l.c. John holds a B.Sc. in Geology from University College Cork, Ireland, an M.Sc. in Applied Geophysics from the National University of Ireland, Galway and a M.Sc.in Technology Management from The Smurfit School of Business at University College Dublin. John is presently completing a PhD dissertation at Trinity College, Dublin. John has worked in the offshore business for 25 years and is a fellow of the Geological Society of London and member of The Petroleum Exploration Society of Great Britain.

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

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