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Providence Provides Licence Update

Source: www.gulfoilandgas.com 2/18/2014, Location: Europe

Providence Resources P.l.c., the Irish oil and gas exploration and production company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide an update on Standard Exploration Licence (SEL) 1/11 ("Barryroe"). SEL 1/11 contains the Barryroe oil field which is operated by Providence Resources (80%) on behalf of its partner Lansdowne Oil & Gas (20%). The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is c. 50 km off Co. Cork, Ireland.

The Barryroe partners have been granted a c. 180 km2 increase in the areal extent of SEL 1/11 by the Minister of State, at the Department of Communications, Energy & Natural Resources for the first phase of the exploration licence and subject to further work programme commitments to be undertaken by the Barryroe partners. This increase in the area of SEL 1/11 recognizes potential field extensions of Barryroe to the south and south-east.

Speaking today, John O'Sullivan, Technical Director of Providence said,
"The granting of an increase in the areal extent of SEL 1/11 recognizes the potential significant volumetric upside that exists at Barryroe. The structural closure as mapped now appears to extend further to the south and south-east, however no wells have been drilled as yet to confirm any such extensions to the field area."

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