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Providence Resources provides an update on FEL 6/14 licence

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Oilfield Technology,

Providence Resources P.l.c., the Irish based Oil & Gas Exploration Company, has provided 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%), collectively referred to as the Newgrange Partners, and is situated in c. 1000 m water depth being c. 260 km off the south-west coast of Ireland.

The Newgrange Partners can confirm that Gardline’s M/V Kommandor survey vessel has commenced mobilisation in advance of the planned acquisition of data suitable for input to an application for the permitting of an offshore exploration well. The Newgrange Partners can also confirm that commercial discussions in relation to a potential farm-out of equity in the licence to third parties are continuing.

Dr John O’Sullivan, Technical Director of Providence commented, “We are pleased to confirm the commencement of the Newgrange site survey operations some 2 months ahead of schedule. In tandem with these operations, we continue to liaise with interested potential co-venture partners whilst also constantly monitoring possible rigs of opportunity which may become available for this exciting exploration venture.”

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