Providence Resources P.l.c - Licence Update SEL 1/11

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

LICENCE UPDATE
STANDARD EXPLORATION LICENCE 1/11
BARRYROE OIL FIELD

• TWO YEAR EXTENSION OF THE FIRST PHASE OF THE STANDARD EXPLORATION LICENCE 1/11 TO JULY 2019
   
• FURTHER TWO YEAR EXTENSION TO OVERALL TERM OF THE STANDARD EXPLORATION LICENCE 1/11 TO JULY 2021

Dublin and London - July 13, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), today provides an update on Standard Exploration Licence ("SEL") 1/11 that contains the Barryroe oil accumulation. SEL 1/11 is operated by Exola DAC (80%), a wholly-owned Providence subsidiary, on behalf of its partner Lansdowne Celtic Sea Limited (20%), collectively referred to as the "Barryroe Partners". The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off the south coast of Ireland.

The Barryroe Partners have been granted a 2-year extension to the term of the First Phase of SEL 1/11 to July 2019 and overall term to July 2021 by the Minister for Communications, Climate Action & Environment subject to the Barryroe Partners carrying out a work programme that includes the evaluation of newly reprocessed 3D seismic data together with an assessment of the Jurassic and Triassic exploration potential of the licence area.  

Speaking today, Tony O'Reilly, Chief Executive of Providence said,

"We are very pleased to be granted these extensions to the Barryroe licence, which provides additional security of tenure whilst we continue the farm-out process. The Barryroe partners are in dialogue with a number of parties regarding advancing the appraisal of Barryroe through to first oil.

The extension work programme includes evaluating the deeper exploration potential of the licence, which offers exciting upside, over and above the substantial resources already identified in Barryroe."

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

ANNOUNCEMENT
This announcement has been reviewed by Dr John O'Sullivan, Technical Director, Providence Resources P.l.c.  John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin.  John is a Chartered Geologist and a Fellow of the Geological Society of London.  He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil.  John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange.

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.