Providence Identifies Significant Oil Explorati...
8 April 2010
PROVIDENCE IDENTIFIES
 SIGNIFICANT OIL
 EXPLORATION POTENTIAL IN
 THE KISH BANK BASIN,
 OFFSHORE IRELAND
* LARGE OIL EXPLORATION TARGET IDENTIFIED - THE DALKEY ISLAND PROSPECT
Providence Resources P.l.c., ('Providence') the Irish oil and gas exploration
and production company, whose shares are listed in London (AIM) and Dublin
(IEX), is pleased to provide an update on its exploration evaluation activities
in the Kish Bank Basin, offshore eastern Ireland (the "Dalkey Island"
exploration prospect). Providence holds an operated 50% equity interest in
Licensing Option 08/2 together with its partner, Star Energy Group (a wholly
owned subsidiary of PETRONAS, the state oil company of Malaysia).
DALKEY ISLAND EXPLORATION PROSPECT
Previous exploration drilling in the Kish Bank Basin has confirmed the potential
for petroleum generation with oil shows seen in a number of wells together with
natural hydrocarbon seeps recorded from airborne surveys. New analysis of
vintage 2-D seismic data has revealed the presence of a large undrilled
structural closure at Lower Triassic level situated c. 10 km offshore Dublin.
This feature, known as the Dalkey Island exploration prospect, may be
prospective for oil, as there are prolific oil productive Lower Triassic
reservoirs nearby in the eastern Irish Sea offshore Liverpool. Whilst the Dalkey
Island exploration prospect could contain c. 870 MMBO in place, this undrilled
prospect still has significant risk and the partners are currently advancing a
focused work programme in order to better understand and hopefully mitigate
these risks. However, given its location in shallow water and close proximity to
shore, the prospect is of great interest as exploration drilling, together with
any future development costs, are likely to be low.
Speaking today, Tony O'Reilly, Chief Executive of Providence, said:
"We are delighted to confirm that our ongoing analysis of the Kish Bank Basin
has revealed the presence of a large untested structure that warrants further
investigation. The Dalkey Island exploration prospect presents the potential for
a large oil accumulation in shallow water off the east coast of Ireland. The
partners have agreed on a focused work programme aimed at further de-risking
this prospect, prior to any drilling programme.
Contacts:
Providence Resources P.l.c.    Tel: +353 (0)1 219 4074
Tony O'Reilly
Powerscourt                              Tel: +44 (0)207 250 1446
Rory Godson/Lisa Kavanagh
Murray Consultants                  Tel: +353 (0)1 498 0300
Pauline McAlester
Notes to Editors
About Providence
Providence Resources Plc is an independent oil and gas exploration company
listed on the AIM market in London and on Dublin's IEX market. Providence's
active oil and gas portfolio includes interests in Ireland (offshore), the
United Kingdom (onshore and offshore), the United States (offshore) and West
Africa (offshore Nigeria). Providence's portfolio is balanced between
production, appraisal and exploration assets, as well as being diversified
geographically.
Comprehensive information on Providence and its oil and gas portfolio, including
all press releases, annual reports and interim reports are available from
Providence's website at www.providenceresources.com
<
http://www.providenceresources.com/>.
About Star Energy Group
Star Energy Group is an energy company with a primary focus on gas storage
development. Founded in 1999, Star Energy is the UK's second largest onshore oil
producer and one of the main developers of underground gas storage using
depleted oil and gas reservoirs. Star Energy employs over 150 people and has a
turnover in excess of £50 million per annum. In early 2008, Petronas
International Corporation Limited, a subsidiary of Petronas, acquired 100% of
Star Energy. Petronas, wholly-owned by the Malaysian government, is a
fully-integrated oil and gas corporation and is ranked among FORTUNE Global
500's largest corporations in the world
Announcement
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies,
the information contained in this announcement has been reviewed and approved by
John O'Sullivan, Exploration Manager of Providence Resources P.l.c. John
O'Sullivan is a Geology graduate of University College Cork and holds a Masters
in Geophysics from The National University of Ireland, Galway. John also holds a
Masters in Technology Management from the Smurfit Graduate School of Business at
University College Dublin and is presently completing a dissertation leading to
a PhD in Geology at Trinity College, Dublin. John is a Fellow of the Geological
Society and a member of the Petroleum Exploration Society of Great Britain. He
has 20 years experience in the oil and gas exploration and production industry
and is a qualified person as defined in the guidance note for Mining Oil & Gas
Companies, March 2006 of the London Stock Exchange.
[HUG#1401426]
Latest directors dealings
- 3 hours ago Abenójar Tungsten, S.A
- 4 hours ago SpaceandPeople
- 4 hours ago Schroder Income Growth Fund
- 5 hours ago Trainline
- 5 hours ago Coca-Cola Europacific Partners (DI)