Providence Resources P.l.c: Operational Update ...

August 14th 2014
Embargo: 7am

OPERATIONAL UPDATE

3D SEISMIC SURVEYING OPERATIONS
COMMENCE ON SPANISH POINT SOUTH AREA,
NORTHERN PORCUPINE BASIN

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and appraisal company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to announce that 3D seismic surveying operations have commenced on Frontier Exploration Licence (FEL) 1/14 ('Spanish Point South') in the northern Porcupine Basin, offshore west of Ireland. The water depth across the licensed area ranges c. 300-650 metre and the licensed area is located c. 140 kilometres off the west coast of Ireland. Spanish Point South is operated by Capricorn Ireland Limited (wholly owned subsidiary of Cairn Energy PLC, working interest 38%) on behalf of its partners Providence Resources Plc (32%), Chrysaor E&P Ireland Limited (26%) & Sosina Exploration Limited (4%).  The partnership also holds the adjacent FEL's 2/04 and 4/08.

The new 3D seismic survey is planned to cover a c. 750 km² area and is being acquired using Dolphin Geophysical's M/V Sanco Sword.  The survey has been designed to target the Upper Jurassic and Lower Cretaceous reservoir intervals which successfully tested gas condensate and oil from the Spanish Point (35/8-2) and Burren (35/8-1) discoveries, respectively in the adjacent acreage to the north. There have been four previous wells drilled in the Spanish Point South area, all of which have encountered hydrocarbon shows. The current best estimate of gross on-block unrisked prospective recoverable resources is 350 MMBOE. This is separate from the quoted recoverable resources for the Spanish Point discovery (located in FEL 2/04 and which is planned to be drilled in 2015) and FEL 4/08.

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

"This new 3D seismic survey over the Spanish Point South area is our third such programme in this part of the basin since 2009. When combined, these new data will allow for a comprehensive re-evaluation of the total hydrocarbon resource potential of this area, where previous wells have successfully tested both oil and gas. We believe that the key risk is reservoir quality, rather than hydrocarbon presence, and so we consider that modern high quality 3D seismic imaging will be a significant tool in reservoir prediction."

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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