Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Energy Company (the 'Company'), today provides an operational update in relation to Standard Exploration Licence ('SEL') 1/11 which contains the Barryroe oil accumulation (the 'Barryroe Project').
SEL 1/11 is operated by EXOLA DAC ('EXOLA' or the 'Operator', 40%), a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited ('APEC') and Lansdowne Celtic Sea Limited ('Lansdowne', 10%), collectively referred to as the 'Barryroe Partners'. The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c. 50 km off the south coast of Ireland.
Award of Site Survey Permit
The Barryroe Partners can now confirm that they have received permission from the Minister of State at the Department of Communications, Climate Action and Environment to undertake a seabed debris clearance, environmental baseline and habitat assessment site survey (the 'site survey') over the area of the Barryroe field within SEL 1/11. Pursuant to the terms of the Updated Farm-out Agreement with APEC (as amended), and subject to the receipt of funding from APEC or alternative financing arrangements being put in place, the site survey is expected to commence later this month.
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ABOUT PROVIDENCE RESOURCES PLC
Providence Resources is an Irish based Oil & Gas Energy Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence's shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com
ABOUT APEC ENERGY ENTERPRISE LIMITED
APEC Energy Enterprise Ltd. was established in 2014 as a Hong Kong registered company with headquarters in Beijing. In addition to its original focus on offshore oil & gas services, APEC provides upstream energy acquisition advice and management services in partnership with Chinese Oil Companies, offshore and onshore service providers, and SOE investment groups. www.apecenergy.com.
ABOUT LANSDOWNE OIL & GAS PLC
Lansdowne Oil & Gas is a North Celtic Sea focussed oil and gas exploration company quoted on the AIM market and headquartered in Dublin. Lansdowne holds acreage in the north Celtic Sea Basin, Ireland. For more information on Lansdowne, please refer to www.lansdowneoilandgas.com
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