Monday 23 July 2018

Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provided a technical update regarding Frontier Exploration Licence (“FEL”) 3/04 located in the southern Porcupine Basin. FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners, Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%), collectively referred to as the “FEL 3/04 Partners”. The licence contains the undrilled Lower Cretaceous “Dunquin South” carbonate exploration prospect as well as the “Dunquin North” residual oil accumulation.

The FEL 3/04 Partners have now received the recently acquired Dunquin 3D seismic data and an initial interpretation has been completed. This interpretation has confirmed the presence of the previously mapped Dunquin South prospect. In addition, a large and significant potential fluid escape feature is evident over the previously drilled Dunquin North prospect. No such feature is evident over the Dunquin South prospect. Imaging of the underlying c. 700 km2 Dunquin Ridge has also been greatly enhanced and the internal reflectivity, in tandem with the seismic interval velocities, indicate the ridge to be of sedimentary origin.