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PROVIDENCE RES. (PVR)

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Friday 09 August, 2019

PROVIDENCE RES.

Operational Update - Standard Exploration Licence 1/11 - Barryroe

Operational Update - Standard Exploration Licence 1/11 - Barryroe

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

OPERATIONAL UPDATE
STANDARD EXPLORATION LICENCE 1/11
BARRYROE

  • AWARD OF SITE SURVEY PERMIT

Dublin and London – August 9, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Energy Company (the “Company”), today provides an operational update in relation to Standard Exploration Licence (“SEL”) 1/11 which contains the Barryroe oil accumulation (the “Barryroe Project”).  SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the “Operator”, 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited (“APEC”) and Lansdowne Celtic Sea Limited ("Lansdowne", 10%), collectively referred to as the “Barryroe Partners”.  The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.

Award of Site Survey Permit
The Barryroe Partners can now confirm that they have received permission from the Minister of State at the Department of Communications, Climate Action and Environment to undertake a seabed debris clearance, environmental baseline and habitat assessment site survey (the “site survey”) over the area of the Barryroe field within SEL 1/11.   Pursuant to the terms of the Updated Farm-out Agreement with APEC (as amended), and subject to the receipt of funding from APEC or alternative financing arrangements being put in place, the site survey is expected to commence later this month.  

Further announcements will be issued in due course.

INVESTOR ENQUIRIES 
Providence Resources P.l.c.Tel: +353 1 219 4074
Tony O’Reilly, Chief Executive Officer     
   
Cenkos Securities plcTel: +44 131 220 9771
Neil McDonald/Derrick Lee 
  
J&E DavyTel: +353 1 679 6363
Anthony Farrell  
  
Mirabaud Securities LimitedTel: +44 203 167 7221
Peter Krens 
  
MEDIA ENQUIRIES 
PowerscourtTel: +44 207 250 1446
Peter Ogden 
  
Murray ConsultantsTel: +353 1 498 0300
Pauline McAlester 

ABOUT PROVIDENCE RESOURCES PLC
Providence Resources is an Irish based Oil & Gas Energy Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence’s shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com

ABOUT APEC ENERGY ENTERPRISE LIMITED

APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong registered company with headquarters in Beijing. In addition to its original focus on offshore oil & gas services, APEC provides upstream energy acquisition advice and management services in partnership with Chinese Oil Companies, offshore and onshore service providers, and SOE investment groups. www.apecenergy.com

ABOUT LANSDOWNE OIL & GAS PLC
Lansdowne Oil & Gas is a North Celtic Sea focussed oil and gas exploration company quoted on the AIM market and headquartered in Dublin. Lansdowne holds acreage in the north Celtic Sea Basin, Ireland.  For more information on Lansdowne, please refer to www.lansdowneoilandgas.com


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