Providence Resources plc: Providence Resources P.l.c : 3D Seismic Surveying Operations Commence On The Drombeg Oil Prospect,

 Providence Resources plc: Providence Resources P.l.c : 3D Seismic Surveying
  Operations Commence On The Drombeg Oil Prospect, Southern Porcupine Basin

30^th June 2014
Embargo: 7am

                       3D SEISMIC SURVEYING OPERATIONS
                    COMMENCE ON THE DROMBEG OIL PROSPECT,
                           SOUTHERN PORCUPINE BASIN

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration
and appraisal company, whose shares are quoted in London (AIM) and Dublin
(ESM), is pleased to announce that 3D seismic surveying operations have
commenced on its Drombeg oil exploration prospect in the southern Porcupine
Basin, offshore south-west Ireland.

The Drombeg prospect, which is situated in Frontier Exploration Licence (FEL)
2/14, is a significant Lower Cretaceous stratigraphic amplitude/AVO supported
exploration target. The prospect is located in c. 2,500 metre water depth and
is c. 220 kilometres off the west coast of Ireland. FEL 2/14 is operated by
Providence (80%) on behalf of its partner Sosina Exploration (20%).

Providence has agreed to licence c. 1,100 km^2 of 3D seismic data over
Drombeg, which is being acquired by Polarcus MC Limited as part of a minimum
c. 4,300 km^2 non-exclusive multi-client survey. This is one of the largest
ever 3D seismic surveys to have been acquired offshore Ireland and is
utilising the M/V Polarcus Amani, which is an ultra-modern, super high
ice-class, next generation seismic vessel that is one of the most advanced in
the world.


CONTACTS

Providence Resources P.l.c.         Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive
John O'Sullivan, Technical Director
Powerscourt                         Tel: +44 207 250 1446
Lisa Kavanagh/Rob Greening
Murray Consultants                  Tel: +353 1 498 0300
Pauline McAlester
Cenkos Securities Plc               Tel: +44 207 397 8900
Nick Wells/Max Hartley
J&E Davy                            Tel: + 353 1 679 6363
Eugenee Mulhern/Anthony Farrell
Liberum                             Tel: +44 203 100 2000
Clayton Bush

ABOUT PROVIDENCE
Providence Resources Plc is an Irish based oil & gas company with a portfolio
of appraisal and exploration assets offshore Ireland and the U.K. The Company
is currently leading a circa $500 million multi-year drilling programme on a
number of exploration/development wells over 6 different basins offshore
Ireland, representing the largest drilling campaign ever carried out offshore
Ireland www.providenceresources.com.

ABOUT DROMBEG
The Drombeg prospect lies in c. 2,500 metre water depth and is c. 3,000 metres
below the seabed. The prospect is located in the southern Porcupine Basin, c.
220 km off West Cork, being c. 60 km from the ExxonMobil-operated Dunquin
exploration prospect which was drilled in mid-2013. In 2012, Providence
completed a major seismic inversion programme over the Lower Cretaceous
Drombeg prospect, together with an assessment of its associated prospective
resource potential. Initial rock physics modeling and seismic inversion work
was carried out by Ikon Science over key 2D Drombeg seismic lines, which
exhibited a marked seismic anomaly. This initial work modeled the Drombeg
anomaly to be consistent with the presence of thick hydrocarbon bearing
sandstone intervals.

At that time, the Company also confirmed that a large Jurassic fault block
closure, with a pronounced crestal fluid escape feature, had been also
identified beneath the Drombeg Lower Cretaceous prospect. Results from the
inversion study, together with a volumetric analysis of the Lower Cretaceous
interval, has indicated a recoverable P50 prospective resource potential of
872 MMBO, based on an oil in place volume of 2.970 BBO.

Two separate stratigraphic, but vertically stacked objectives have also been
identified in the overlying Lower Cenozoic and underlying Upper Jurassic. The
Lower Cenozoic feature is interpreted to comprise a deep-water basin floor fan
covering c. 295 sq km and which exhibits marked amplitude versus offset (AVO)
anomaly. The deeper Upper Jurassic feature is mapped as a large tilted fault
block structure with c. 140 sq km of closure. A notable fluid escape feature
has been interpreted at the crest of the Upper Jurassic tilted fault block and
which appears to be acting as a hydrocarbon migration path into both the
overlying Drombeg Lower Cretaceous and Lower Cenozoic target intervals. This
fluid escape feature is significant in that it suggests an oil remigration
model at Drombeg which is similar to that which has been proposed for the
BP-operated Foinaven and Schiehallion Fields in the UK West of Shetlands.

ABOUT POLARCUS
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a
pioneering environmental agenda, specializing in high-end towed streamer data
acquisition from Pole to Pole. Polarcus operates a fleet of high performance
3D seismic vessels incorporating an innovative design and advanced maritime
technologies for improved safety and efficiency. Polarcus offers contract
seismic surveys and multi-client projects worldwide and employs over 500
professionals. The Company's principal office is in Dubai, United Arab
Emirates. For more information, visit www.polarcus.com

ANNOUNCEMENT
This announcement has been reviewed by John O'Sullivan, Technical Director,
Providence Resources P.l.c. John holds a B.Sc. in Geology from University
College Cork, Ireland, an M.Sc. in Applied Geophysics from the National
University of Ireland, Galway and a M.Sc.in Technology Management from The
Smurfit School of Business at University College Dublin. John is presently
working part-time on a PhD dissertation at Trinity College, Dublin. John has
worked in the offshore business for 20 years and is a fellow of the Geological
Society of London and member of The Petroleum Exploration Society of Great
Britain. 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.

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the content, accuracy and originality of the information contained therein.
Source: Providence Resources plc via Globenewswire
HUG#1806271
 
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