PVR.L Regulatory News (PVR)

4 Sep 2019 07:56

FOR IMMEDIATE RELEASE

OPERATIONAL UPDATESTANDARD EXPLORATION LICENCE 1/11BARRYROE SITE SURVEY COMMENCES

Dublin and London – September 4, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company (“Providence” or the “Company”), today provides an operational update in relation to Standard Exploration Licence (“SEL”) 1/11 which contains the Barryroe oil accumulation (the “Barryroe Project”). SEL 1/11 is operated by EXOLA DAC ("EXOLA" or the “Operator”, 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited (“APEC”) and Lansdowne Celtic Sea Limited ("Lansdowne", 10%), collectively the “Barryroe Partners”. The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.

The Barryroe Partners can confirm that Gardline’s M/V Kommandor survey vessel has now mobilized to SEL 1/11 where it will undertake a seabed debris clearance, environmental baseline and habitat assessment site survey (the “site survey”) over the area of the Barryroe field within SEL 1/11. The projected programme provides for a minimum of two locations to be surveyed at this time with the scope to increase the number of locations upon receipt of the APEC Loan Amount. The site survey is expected to take up to 3 weeks depending on operating conditions.

Further announcements will be issued when and as appropriate.

ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS

This announcement contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Providence Resources P.l.c undertakes no obligation to update any forward-looking statements.

ABOUT PROVIDENCE RESOURCES PLCProvidence Resources is an Irish based Oil & Gas Energy Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence’s shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com