Providence Resources P.l.c. - Letter of intent for deepwater drilling unit for 2017 Druid exploration well
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
PROVIDENCE ISSUES LETTER OF INTENT FOR THE PROVISION OF A DEEPWATER DRILLING UNIT FOR THE PLANNED 2017 DRUID EXPLORATION WELL
Dublin and London - November 1, 2016 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the "Company"), today provides an update regarding Frontier Exploration Licence (FEL) 2/14 in the southern Porcupine Basin. FEL 2/14 is located c. 220 km off the south-west coast of Ireland and is situated in c. 2,250 metre water depth. The licence is operated by Providence Resources P.l.c. (80%) on behalf of its partner Sosina Exploration Limited (20%) and contains the Paleocene Druid and Lower Cretaceous Drombeg exploration prospects.
As part of the ongoing operational build-up to the drilling of a planned exploration well on the Druid prospect in 2017, the Company recently completed an evaluation of available and capable deep-water drilling units through a rig tender process. This process identified a number of suitable units. Pursuant to EU procurement rules, the Company has now issued a Letter of Intent to the leading contender for the provision of these services. The parties will now proceed to finalise a contract over the coming weeks and a further update will be provided in due course.
Mr. Tony O'Reilly, Chief Executive of Providence Resources said:
"This is another key milestone for our planned drilling at Druid, further demonstrating the progress that we are making in pursuing the continued development of our significant portfolio offshore Ireland."
| 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 |
| Anthony Farrell | |
| MEDIA ENQUIRIES | |
| Powerscourt | Tel: +44 207 250 1446 |
| Lisa Kavanagh/Peter Ogden | |
| 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 AIM in London and the ESM in Dublin.
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
