CELTIC SEA OPERATIONAL UPDATE
COMMENCEMENT OF DRILLING OPERATIONS
AT DUNMORE
Providence Resources P.l.c., the AIM (London) and IEX (Dublin) listed oil & gas exploration and production company, today announces that it has commenced appraisal drilling operations on its Dunmore oil discovery in Standard Exploration Licence 2/07 in the North Celtic Sea Basin, offshore southern Ireland.
Using the Transocean semi submersible GSF Arctic II rig, drilling operations on the Dunmore appraisal well (50/6-4) commenced at 07:45am on Friday, September 5th. It is anticipated that the drilling programme will take up to 40 days, which includes a provision for a comprehensive wireline logging and testing programme.
Tony O'Reilly, Chief Executive of Providence said:
"We are extremely pleased to announce the commencement of drilling operations at Dunmore. This appraisal well is located up-dip from the original tested Jurassic discovery well and is designed to prove additional volumes in the Dunmore accumulation".
Contacts:
Providence Resources Plc Tel: +353 1 2194074
Tony O'Reilly, Chief Executive
Powerscourt Tel: +44 207 250 1446
Rory Godson/Elizabeth Rous
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
Notes to Editors
About Providence
Providence Resources Plc is an independent oil and gas exploration company listed on the AIM market in London and
on Dublin's IEX market. The Company was founded in 1997, but with roots going back to 1981 when its predecessor
company, Atlantic Resources Plc was formed by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in Ireland (offshore), the United Kingdom (onshore and
offshore), the United States (onshore and offshore) and West Africa (offshore Nigeria). Providence's portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically. Comprehensive information on Providence and its oil and gas portfolio, including all press releases, annual reports and interim reports are available from Providence's website at www.providenceresources.com.
Celtic Sea Standard Exploration Licence 2/07
Standard Exploration Licence 2/07 refers to part blocks 49/22, 49/23, 48/29, 48/30, 49/26, 49/27, 49/28, 49/8, 49/9, 49/13, 49/14, 50/6, 50/7 & 50/11 in the North Celtic Sea Basin, offshore southern Ireland. The current Standard Exploration Licence 2/07 partners and their respective percentages are Providence Resources Plc (Operator) 53.111, Challenger Minerals (Celtic Sea) Limited 26.743%, Atlantic Petroleum (Ireland) Limited 13.430% and Sosina Exploration Limited 6.715%.
About Dunmore
The Dunmore oil discovery is located in c. 70 metre water depth being c. 40 km offshore Wexford and is situated in
Standard Exploration Licence 2/07 in the North Celtic Sea Basin. The 50/6-1 discovery well was drilled in 1986 by Gulf
Oil (now part of Chevron), and tested a c. 60' gross interval at a rate of c. 2,100 BOPD from sands of Upper Jurassic
age at a depth of c. 5,000' TVDSS. The oil is a light, sweet, 44o API crude and is interpreted to be trapped in a
downthrown terrace structure. Mapping of reprocessed 2D seismic data now suggest that this structure rises to the
east of the 50/6-1 well location and that an appraisal well would be optimally drilled c. 500' up-dip from the 50/6-1 well.
On the assumption that a common contact exists between the 50/6-1 discovery well and this crestal area, a number of
sands which were water bearing in the original well should be oil bearing at the crestal area thereby significantly
increasing the potential flow rates.