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Providence Resources: Update on Frontier Exploration Licence


LICENCE UPDATE

FRONTIER EXPLORATION LICENCE 6/14

NEWGRANGE

 

·        EXTENSION OF THE FIRST PHASE OF THE FRONTIER EXPLORATION LICENCE 6/14 TO MARCH 2019  

·        HIGH RESOLUTION 2D SEISMIC DATA AND WELL SITE SURVEY ACQUISITION PLANNED TO COMMENCE SUMMER 2018

·        DISCUSSIONS WITH OTHER OPERATORS REGARDING POTENTIAL RIG SHARE OPPORTUNITIES

Dublin and London – April 3, 2018 -
Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the “Company”), today provides an update on Frontier Exploration Licence (“FEL”) 6/14 that contains the Newgrange Prospect.  FEL 6/14 is operated by Providence Resources P.l.c., on behalf of its partner Sosina Exploration Limited (20%), referred to as the Newgrange Partners and is situated in c. 1,000 m water depth being c. 260 km off the south-west coast of Ireland.

The Newgrange Partners have been granted an extension to the term of the First Phase of FEL 6/14 to 31 March 2019 by the Minister of State for Communications, Climate Action & Environment. This will allow for the acquisition of a new high resolution 2D seismic survey over the crest of the Newgrange prospect (subject to regulatory consent) whilst also providing data suitable for input to an application for the permitting of an offshore exploration well. Commercial discussions in relation to a potential farm-out of equity in the licence are continuing.  The Company is also in discussions with other nearby operators as to potential synergies that the short duration Newgrange well may share with other potential nearby future drilling operations.

Speaking today, Dr. John O'Sullivan, Technical Director of Providence said,

We are very pleased to be granted this extension to the Newgrange licence, which will allow for the acquisition of a new high resolution 2D seismic survey together with seabed data which may allow us to further de-risk the Newgrange prospect. These data will also facilitate commencement of the detailed planning process for the Newgrange exploration well.  As the Newgrange well duration is expected to be extremely short, given that the primary Cretaceous reservoir target is just c. 500 metres below the seabed, we are talking to other Operators regarding potential rig-share opportunities. In addition, the Newgrange partners are in dialogue with a number of third parties regarding a potential farm-out of equity in this low cost high potential exploration project.”



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