2D Seismic Survey Starts on Newgrange Prospect Off Ireland

Providence Resources P.l.c. announces that 2D seismic surveying operations have now commenced over Frontier Exploration Licence (“FEL”) 6/14 (“Newgrange”).

2D Seismic Survey Starts on Newgrange Prospect Off Ireland

The Newgrange prospect area lies in c. 1,000 metre water depth in the Goban Spur Basin and is located c. 260 km off the south west coast of Ireland. Providence Resources (80%) is Operator of this licence with its partner, Sosina Exploration (20%).

The MC2D survey, using the M/V Harrier Explorer, is being carried out under contract by Polarcus MC Limited and Seabird Exploration, and provides for the acquisition of 2,500 line kilometres of new ‘state of the art’ long offset 2D seismic reflection data in the Newgrange area. Approximately 1,000 line kilometres will be focused on the Newgrange prospect, together with associated seismic well tie lines. This regional 2D seismic programme will also tie into Polarcus’ South Porcupine MC3D survey and the Dunquin North exploration well, which has proven an oil exploration play concept in Cretaceous-aged carbonates in the area.

John O’Sullivan, Technical Director of Providence said,

“Providence is very pleased to anchor yet another seismic acquisition programme off the west coast. This survey, in tandem with the two 3D seismic acquisition programmes currently being acquired over our Drombeg prospect and our Spanish Point South prospects, will give valuable new data over the North and South Porcupine basins, as well as the Goban Spur Basin. These activities demonstrate our major commitment to the exploration of the Ireland’s highly prospective Atlantic Margin basins and will provide valuable proprietary new data in advance of the upcoming licensing round.”

Press Release, August 18, 2014