Barryroe Update, Strategic Review and Licence Update

FOR IMMEDIATE RELEASE
Providence Resources P.l.c.
Corporate Update

Barryroe Update, Strategic Review and Licence Update

Dublin and London – February 13, 2020 – Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company (“Providence” or the “Company”), today provides the following corporate update.

BARRYROE UPDATE

 

Exola DAC, a subsidiary of Providence and operator of the Barryroe Field, has notified APEC that it has commenced the regulatory process required to transfer the 50% equity in Standard Operating Licence (“SEL”) 1/11, which contains the Barryroe field (“Barryroe”), currently assigned to APEC, back to the original owners. This will result in Exola DAC and Lansdowne Celtic Sea Limited reverting to their original 80% and 20% interest respectively on completion.

Exola DAC as operator of Barryroe has recommenced the farm-out process and a number of companies are actively assessing the field data. Following the Company’s review of the field’s resource potential, which confirms that there is a considerable gas resource within the Barryroe structure in addition to the recognised oil resource, which was the original focus of the farm-out process, several additional companies not included within the initial process have expressed interest in the gas potential and have been invited into the data room.

The Barryroe appraisal work programme is expected to include at least two appraisal wells and an extended production test. The Barryroe structure has been independently verified as containing large volumes of both gas and oil, and the proposed appraisal programme is expected to confirm the presence of either a large oil field with a gas cap or a large gas field surrounded by an oil rim. The programme will also assess reservoir continuity. The appraisal programme is being designed to directly address these reservoir uncertainties, and deliver the information required to support development planning ahead of an investment decision.

The independently verified reports of the hydrocarbons recoverable within the Barryroe field concluded that a mid-case of 346 MMBOE of 2C resources was present within the Middle and Basal Wealden sands.  (Note: 1BOE ~6SCF of gas).

In addition to the discovered resources within the Barryroe structure, the Jurassic formation beneath the field remains undrilled. Deepening one of the appraisal wells to assess this additional potential deeper in the Barryroe structure is under consideration.