PVR.L Regulatory News (PVR)

6 Oct 2005 11:02

Providence Resources PLC06 October 2005 6th October 2005. Providence Resources P.l.c. ("Providence") Providence completes West Lennox appraisal well Providence Resources Plc announces the completion of the UK110/14c-6(F) well onthe West Lennox oilfield. This well, in which Providence holds a 10% equityinterest, was drilled in 15-metres of water in the East Irish Sea Basin off thecoast of Liverpool. The well, which was operated by Challenger Minerals (NorthSea) Limited, was spudded on September 18th 2005 as an appraisal well to furtherdelineate the extent of the West Lennox oilfield. The rig operations have now been completed and the Noble Lynda Bossler jack-updrilling unit has been released. Challenger Minerals has imposed tight-holeconfidential status on the well, due to commercial sensitivities. The wellresults are presently being evaluated in relation to the future development ofthe field. In addition to West Lennox, the operator is preparing an exploration programmefor the evaluation and potential drilling of the adjacent Crosby prospect onthis licence in 2006. This Triassic Sherwood sandstone prospect is thought tocontain approximately 15 MMBOE REC. Contacts:ProvidenceTony O'Reilly Jnr. Chief Executive Tel: +353 1 667 5740 Powerscourt Tel: +44 (0) 207 236 5615Victoria Brough / Sorrel Beynon Murray Consultants Tel: +353 1 498 0300Pauline McAlester www.providenceresources.com NOTES TO EDITORS About West LennoxLicence P.099 comprises the West Lennox oil discovery and the Crosby oil/gasexploration prospect. The licence is located in block 110/14d & 110/14c in theEast Irish Sea Basin, a prolific hydrocarbon province. The partners in the project are:Challenger Minerals (North Sea) Limited - 25%P/F Atlantic Petroleum -25%DYAS UK Limited - 20%First Oil EXPRO Limited - 20%Providence Resources - 10% About CrosbyThe Crosby prospect is a dip and fault closed exploration prospect located inblock UK110/14d to the east of the Hamilton gas field complex. The structure hasbeen mapped on 3D seismic data and in common with the Hamilton & Lennox fields,the main reservoir objective are sands of the Lower Triassic Sherwood Sandstoneformation. As with a number of discoveries in the area, amplitude anomalies have beenobserved on the top of the structure, which are postulated to be associated withhydrocarbon presence. Mapping to date suggests that the Crosby prospect couldcontain approximately 15 MMBOE REC. The partnership is planning to carry out seismic reprocessing and mapping of theexisting 3D data prior to any future drilling activity on the prospect. As partof the farm-in arrangement, Burlington Resources, the previous licensee holds anoption to back into a 20% interest in the Crosby exploration prospect followingthe drilling of the first well. About Providence ResourcesProvidence's active oil and gas portfolio includes interests in Ireland(offshore), the UK (onshore and offshore) and West Africa (offshore Nigeria).Providence's portfolio is balanced between production, appraisal and explorationassets, as well as being diversified geographically. Comprehensive information on Providence and its oil and gas portfolio, includingthe AIM Admission document and Annual Report 2004 are all available fromProvidence's website at www.providenceresources.com This information is provided by RNS The company news service from the London Stock Exchange