THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FRONTIER EXPLORATION LICENCE 3/04
DUNQUIN SOUTH, PORCUPINE BASIN

  • PARTNERS APPROVE 2019 WELL SITE SURVEY BUDGET

         

Dublin and London - November 13, 2018 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" or the "Company"), today provides a licence update on Frontier Exploration Licence ("FEL") 3/04 located in the southern Porcupine Basin.  FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners, Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%), collectively referred to as the "FEL 3/04 Partners".  The licence contains the undrilled Lower Cretaceous "Dunquin South" carbonate exploration prospect as well as the adjacent "Dunquin North" carbonate build-up, which hosts a residual oil column.

Having completed the interpretation of the newly acquired 3D seismic data, the FEL 3/04 Partners have now approved the 2019 Work Programme & Budget to include the acquisition of a well site survey over the Dunquin South prospect.

Commenting today, Tony O'Reilly, Chief Executive Officer of Providence Resources said:

 "We are very pleased to confirm that the Dunquin partners have approved the budget for the acquisition of a well site survey over Dunquin South, which is a prerequisite for the drilling of an exploration well on this high impact exploration prospect. We look forward to keeping all stakeholders updated on the forward plans for this licence."

INVESTOR ENQUIRIES  
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer  
Dr. John O'Sullivan, Technical Director   
   
Cenkos Securities plc Tel: +44 131 220 9771 
Neil McDonald/Derrick Lee  
   
J&E Davy Tel: +353 1 679 6363 
Anthony Farrell   
   
Mirabaud Securities Limited Tel: + 44 20 3167 7221
Peter Krens  
   
MEDIA ENQUIRIES  
Powerscourt Tel: +44 207 250 1446 
Peter Ogden  
   
Murray Consultants Tel: +353 1 498 0300 
Pauline McAlester  

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. 

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