PVR – Licence Update – Avalon Prospect – Porcupine Basin

Dublin and London – February 18, 2019 – Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides an update on Frontier Exploration Licence (“FEL”) 2/19, operated by TOTAL E&P Ireland B.V. (50.0%) on behalf of its partners, Providence Resources P.l.c. (40.0%) and Sosina Exploration Limited (10.0%), collectively referred to as the “JV  Partners”.   FEL 2/19 is located in the Porcupine Basin, offshore Ireland and contains the undrilled Paleocene “Avalon” exploration prospect.

The JV Partners have licensed c. 1,500 km2 of multi-client 3D (MC3D) seismic data over FEL 2/19 which forms part of the larger Crean 3D seismic survey which was acquired by TGS in 2017.  These new MC3D data should significantly improve the delineation of the Avalon prospect, together with facilitating any drill-decision on the prospect.

Commenting on the announcement, Dr John O’Sullivan, Technical Director at Providence, said:

These new 3D seismic data should greatly enhance our understanding of Avalon’s origins, resource potential as well as possible exploration well locations.  The commitment of the JV Partners to licence these data attest to the significant resource potential at Avalon.  As these data are ‘off the shelf’, they should greatly reduce the cycle time to the drill-decision for the Avalon prospect.  We look forward to providing further updates to shareholders in relation to the assessment of these new 3D data.