Offshore staff

DUBLIN, Ireland – Providence Resources (LON:PVR) has issued an update on its planned exploratory drilling program in various basins offshore Ireland.

In the South Porcupine basin off southwest Ireland, a letter of intent has been signed for a rig to drill the ExxonMobil-operated Dunquin prospect during the first half of 2013.

Chyrsaor operates acreage containing the Spanish Point gas/condensate discovery in the main Porcupine basin. A pre-drill site survey was completed in August and an appraisal well should follow in 2Q/3Q 2013.

In the Kish Bank basin offshore Dublin, Providence received a foreshore license in October. A site survey will be performed during 1Q 2013, followed by a first exploratory well.

Over the Rathlin basin off Northern Ireland, Providence was awarded license P1885 (offshore) at the end of 2011. An airborne full tensor gradiometry survey has been completed, with early interpretation confirming five significant anomalies. A first well should be drilled in 1Q 2014.

In the St George's Channel basin between southeast Ireland and west Wales, Providence was awarded UK license P1930 over block 103/1, containing the Dragon gas field discovery. An appraisal well will be drilled in 1Q 2014.

Among the company’s other future drilling prospects are Drombeg in the South Porcupine basin. Ikon Science completed seismic inversion studies in August, announcing P50 resource potential of 872 MMbbl of oil.

In the Goban Spur basin off western Ireland, Repsol assumed operatorship in March of the Newgrange prospect. Technical evaluation of the hydrocarbon potential is under way.

Finally, in the Slyne basin, off western Ireland, Providence operates the Kylemore prospect, over which mapping has been updated; and the Shannon prospect, which has undergone a re-evaluation. Gas potential is estimated at 228 bcf (6.5 bcm).

12/20/2012