Providence Resources P.l.c. - Letter of intent ...

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

PROVIDENCE ISSUES LETTER OF INTENT FOR THE PROVISION OF A DEEPWATER DRILLING UNIT FOR THE PLANNED 2017 DRUID EXPLORATION WELL

Dublin and London - November 1, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), today provides an update regarding Frontier Exploration Licence (FEL) 2/14 in the southern Porcupine Basin.  FEL 2/14 is located c. 220 km off the south-west coast of Ireland and is situated in c. 2,250 metre water depth.  The licence is operated by Providence Resources P.l.c. (80%) on behalf of its partner Sosina Exploration Limited (20%) and contains the Paleocene Druid and Lower Cretaceous Drombeg exploration prospects.

As part of the ongoing operational build-up to the drilling of a planned exploration well on the Druid prospect in 2017, the Company recently completed an evaluation of available and capable deep-water drilling units through a rig tender process.  This process identified a number of suitable units.  Pursuant to EU procurement rules, the Company has now issued a Letter of Intent to the leading contender for the provision of these services.  The parties will now proceed to finalise a contract over the coming weeks and a further update will be provided in due course.

Mr. Tony O'Reilly, Chief Executive of Providence Resources said:

"This is another key milestone for our planned drilling at Druid, further demonstrating the progress that we are making in pursuing the continued development of our significant portfolio offshore Ireland."

INVESTOR ENQUIRIES
Providence Resources P.l.c.	Tel: [phone]
Tony O'Reilly, Chief Executive Officer
Cenkos Securities plc	Tel: [phone]
Neil McDonald/Derrick Lee
J&E Davy	Tel: [phone]
Anthony Farrell
MEDIA ENQUIRIES
Powerscourt	Tel: [phone]
Lisa Kavanagh/Peter Ogden
Murray Consultants	Tel: [phone]
Pauline McAlester

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on AIM in London and the ESM in Dublin.

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Source: Providence Resources plc via Globenewswire