Providence Resources P.l.c : OPERATIONAL UPDATE...

14^th May 2015
For Immediate Release

OPERATIONAL UPDATE

POLARIS PROSPECT
RATHLIN BASIN

• SATELLITE-DERIVED OIL SEEPS DETECTED CLOSE TO POLARIS PROSPECT
• LICENCE RELINQUISHMENT MADE OVER NON-PROSPECTIVE AREA
• APPRAISAL WELL PLANNING ON THE ADJACENT ONSHORE BALLINLEA OIL DISCOVERY CONTINUING BY RATHLIN ENERGY

Providence Resources P.l.c., (PVR LN, PRP ID) the Irish based oil and gas exploration company, provides an update on its Polaris oil prospect in the Rathlin Basin, offshore Northern Ireland. Providence currently holds a 100% interest in the Polaris prospect, located in P1885 which is situated offshore the Antrim coast.

Providence has recently completed an assessment of satellite oil seep data acquired over P1885. These data have revealed the presence of two large seeps c. 3.5 km northwest of the Polaris prospect. These seeps appear to be related to faulting and may provide direct evidence of active oil migration from potential Lower Carboniferous source rocks. Accordingly, as part of its licence commitments and to minimize ongoing costs, Providence has relinquished c. 70% of P1885, retaining what it considers to be the most prospective area over the Polaris prospect.

Separately, appraisal well planning is ongoing on the Rathlin Energy-operated Ballinlea oil discovery, which is located in the adjacent onshore exploration licence. The original well, which is interpreted by the Operator to have been located close to an oil-water contact, recovered oil from Lower Carboniferous-aged sands. The Polaris structure is interpreted to be on-trend with the Ballinlea discovery and therefore the results from this appraisal well will be important in relation to future drilling activities in P1885.

Commenting on today's announcement, Dr John O'Sullivan, Technical Director of Providence said:

"We believe that the presence of naturally occurring surface seeps confirms that oil generation and migration from depth is occurring within our Rathlin Basin exploration licence area. It is particularly notable that these seeps appear to be associated with structures within our primary Polaris prospect area. The future drilling activity planned for the onshore Ballinlea oil discovery should only further enhance the exploration potential of this basin in general and our offshore licence in particular"

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/Neil McDonald /Derrick Lee
J&E Davy	Tel: + 353 1 679 6363
Eugenee Mulhern/Antony Farrell

NOTES TO EDITORS

ABOUT PROVIDENCE
Providence Resources Plc is an Irish based Oil and Gas Exploration 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 Dr. 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 has recently completed a PhD at Trinity College, Dublin. John has worked in the offshore business for more than 25 years and is a fellow of the Geological Society of London and member of The Petroleum Exploration Society of Great Britain and Society of Petroleum Engineers. 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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