Providence Resources P.l.c. - Spanish Point Ope...

For Immediate Release
9 July 2013

OPERATIONAL UPDATE
SPANISH POINT WELL

• CAIRN RECEIVES GOVERNMENT APPROVAL AS OPERATOR FOR IRISH DRILLING PROGRAMME 

• RIG CONTRACT SIGNED FOR SPANISH POINT WELL   

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and appraisal company, whose shares are listed in London (AIM) and Dublin (ESM), is pleased to confirm that the Minister of State at the Department of Communications, Energy and Natural Resources (DCENR) has approved Cairn's farm-in as Operator to two licences and one licensing option offshore West of Ireland.  Following this transaction, Cairn has a 38% working interest (WI) with co-venturers Providence (32% WI) Chrysaor (26% WI), and Sosina Exploration Ltd (4% WI).

Cairn has also announced that it has, on behalf of the co-venturers, entered in to a contract to secure a drilling rig for the planned Spanish Point appraisal well located in FEL 2/04, in the Porcupine Basin, Quad 35 area offshore West of Ireland. Cairn, and its co-venturers, Providence, Chrysoar and Sosina, will use the "Blackford Dolphin", an enhanced Aker H3 deep-water semi-submersible rig, which underwent a $400 million upgrade in 2006. Subject to obtaining the necessary approvals, the rig will be mobilised to begin operations on this well in Q2 2014 on licence FEL 2/04.

Commenting on this news, Tony O'Reilly, Chief Executive of Providence said:

"We are pleased to confirm the appointment of Cairn as Operator and the signing of the rig contract for the Spanish Point appraisal well. This well is the third of six wells being drilled as part of Providence's Irish multi-basin, multi-well drilling programme. This programme kicked off in November 2011 with the Barryroe appraisal well in the Celtic Sea and has been followed by the high impact Dunquin exploration well, where operations are ongoing. We very much look forward to the upcoming appraisal drilling operations at Spanish Point."

Contacts:

Providence Resources P.l.c.  Tel: [phone]
Tony O'Reilly, Chief Executive

Powerscourt  Tel: [phone]
Lisa Kavanagh/Rob Greening

Murray Consultants  Tel: [phone]
Pauline McAlester

Cenkos Securities Plc  Tel: [phone]
Adrian Hargraves/Nick Wells

J&E Davy  Tel: + 353 1 679 6363
Eugenee Mulhern

Liberum  Tel: [phone]
Clayton Bush

ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil & gas exploration and appraisal company with a portfolio of appraisal and exploration assets offshore Ireland and the U.K. The Company is currently involved in 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 working part-time on a PhD dissertation at Trinity College, Dublin. John has worked in the offshore business for 20 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 Thomson Reuters ONE

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