Providence Resources P.l.c. - Licence Update Frontier Exploration Licence 3/04
LICENCE UPDATE
FRONTIER EXPLORATION LICENCE 3/04
SOUTHERN PORCUPINE BASIN
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ENI ASSUMES OPERATORSHIP FOLLOWING WITHDRAWAL OF EXXONMOBIL
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PROVIDENCE'S EQUITY INCREASED TO 26.846%*
Dublin and London - August 8, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides an update on Frontier Exploration Licence ('FEL') 3/04, which lies in c. 1,500 m water depth in the southern Porcupine Basin and is c. 170 km off the south west coast of Ireland. FEL 3/04 contains the 2013-drilled Dunquin North carbonate build-up, which hosts a residual oil column, together with the undrilled Dunquin South exploration prospect.
Following ExxonMobil's election to withdraw from FEL 3/04, and subsequent ratification by the Minister, the remaining partners in FEL 3/04 have increased their equity interests in the licence through a pro-rata distribution of ExxonMobil's equity interest with Eni assuming the role of Operator. Accordingly, the revised equity interests in FEL 3/04 are now Eni Ireland B.V. (36.913%), Repsol Exploracion Irlanda, S.A. (33.557%), Providence Resources P.l.c. (26.846% interest) and Sosina Exploration Limited (2.684%).
| INVESTOR ENQUIRIES | |
| Providence Resources P.l.c. | Tel: +353 1 219 4074 |
| Tony O'Reilly, Chief Executive Officer | |
| Cenkos Securities plc | Tel: +44 131 220 9771 |
| Neil McDonald/Derrick Lee | |
| J&E Davy | Tel: +353 1 679 6363 |
| Eugenee Mulhern/Anthony Farrell | |
| MEDIA ENQUIRIES | |
| Powerscourt | Tel: +44 207 250 1446 |
| Lisa Kavanagh/Rob Greening | |
| Murray Consultants | Tel: +353 1 498 0300 |
| 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 the AIM in London and the ESM in Dublin.
* Includes 4.0% equity acquired from Atlantic Petroleum in July 2015, which is subject to approval of the Minister of Communication, Climate Action
and the Environment
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Providence Resources plc via GlobeNewswire
