Providence Resources plc: Providence Resources P.l.c : Operational Update Spanish Point Area Northern Porcupine Basin

  Providence Resources plc: Providence Resources P.l.c : Operational Update
                 Spanish Point Area Northern Porcupine Basin

9^th July 2014
Embargo: 7am

                              OPERATIONAL UPDATE

                              SPANISH POINT AREA
                           NORTHERN 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), provides an operational update on activities in FEL 2/04, FEL 4/08 and
FEL 1/14 ("the licences"), which are all located within Quadrant 35 in the
northern Porcupine Basin. Capricorn Ireland Limited (38%, Operator (wholly
owned subsidiary of Cairn Energy PLC)) operates these licences on behalf of
its partners, Providence Resources (32%), Chrysaor E&P Ireland (26%) and
Sosina Exploration (4%). The licences, which cover an area of c. 2,000 km^2,
are located c. 175 km off the west coast of Ireland in water depths of c. 400

The Operator has advised that the Spanish Point appraisal well will not be
drilled in 2014, as previously planned. Extensive delays in the refurbishment
of the Blackford Dolphin drilling rig which had been scheduled to drill the
well, mean that drilling operations would not be able to commence until at
least October, thereby putting the Spanish Point drilling operations into the
winter period. Accordingly, the Operator has advised that the contract with
Dolphin for the Blackford Dolphin has been terminated and tendering for
another rig to carry out the planned well operations in 2015 has commenced.

Separately, the Operator has confirmed that, subject to regulatory approval, a
large 3D seismic acquisition programme over blocks 35/13, 35/14, 35/15, 35/18
and 35/19 in FEL 1/14 ("Spanish Point South") will go ahead this summer.

Commenting on today's update, Tony O'Reilly, Chief Executive of Providence,

"The postponement of appraisal drilling at Spanish Point is regrettable and
beyond the control of the partnership. As the rig refurbishment delays became
apparent, the Operator evaluated various options to re-schedule the Blackford
Dolphin rig and/or to secure another drilling unit for 2014, but this proved
unsuccessful. Our ability to commence drilling in the autumn was further
constrained by the rig's operational capabilities at the Spanish Point
location during winter and thus the decision was taken to terminate the
contract and seek a new drilling unit for 2015. This procurement process has
commenced and we will provide further updates as they are confirmed by the

"Separately, we are pleased to confirm that, subject to regulatory approval,
the planned 3D seismic surveying programme over Spanish Point South is going
ahead as originally scheduled and we plan to provide an update on the survey
over the coming period."


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

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

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 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 25 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.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
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
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