PVR – Operational Update Frontier Exploration Licence 6/14 Newgrange; Commercial discussions in relation to a potential farm-out of equity in the licence are continuing.

8 May, 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 awarded a contract to Gardline for the acquisition of a new high resolution 2D reflection seismic survey over the crest of the Newgrange prospect whilst also providing data suitable for input to an application for the permitting of an offshore exploration well.  Gardline plan to mobilise the M/V Kommandor vessel, which is expected to carry out the data acquisition during Q3 2018, subject to regulatory consent.
Commercial discussions in relation to a potential farm-out of equity in the licence are continuing.
Speaking today, Dr John O’Sullivan, Technical Director of Providence said,
We are pleased to announce the award of the 2018 Newgrange data acquisition programme to Gardline and look forward to commencing operations during the summer months.  The Newgrange prospect provides significant stacked exploration potential at both Jurassic and Cretaceous levels with proven source, reservoir and seal demonstrated in the previous off-structure 62/7-1 exploration well.  The relatively shallow nature of the reservoir intervals also means that this data acquisition programme may provide even further insight to de-risk the potential presence of hydrocarbons within the subsurface prior to drilling.”
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