Providence Concludes Seismic Acquisition Offshore Ireland

- Providence Concludes Seismic Acquisition Offshore Ireland

Thursday, July 28, 2011
Providence Resources plc

Providence has, on behalf of itself and its partners, successfully completed the 3D seismic acquisition project in Frontier Exploration License (FEL) 4/08 in the Porcupine Basin, off the west coast of Ireland. This survey was carried out in an area adjacent to the Spanish Point and Burren discoveries. Providence operates FEL 4/08 (32%) on behalf of its partners, Chrysaor E&P Ireland Limited (60%) and Sosina Exploration Limited (8%).

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Providence Starts 3D Seismic Acquisition Offshore Ireland

- Providence Starts 3D Seismic Acquisition Offshore Ireland

Wednesday, July 20, 2011
Providence Resources plc

Providence has, on behalf of itself and its partners, commenced operations for its 3D seismic acquisition project in Frontier Exploration License (FEL) 4/08 in the Porcupine Basin, off the west coast of Ireland. Using a vessel supplied by Polarcus Limited, the c. 200 km2 3D survey is expected to run for approximately 15 days. Providence operates FEL 4/08 (32%) on behalf of its partners, Chrysaor E&P Ireland Limited (60%) and Sosina Exploration Limited (8%).

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Providence Wraps Up Seismic Acquisition Offshore Ireland

- Providence Wraps Up Seismic Acquisition Offshore Ireland

Monday, July 04, 2011
Providence Resources plc

Providence has, on behalf of itself and its partners, successfully completed the 3D seismic acquisition project over the Barryroe oil discovery ("Barryroe") in the North Celtic Sea, offshore Ireland. The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe. This survey forms part of the planned pre-development drilling program on the Barryroe, where drilling is scheduled to commence in September utilizing the already contracted semi-submersible rig, the GSF ARCTIC III.

Providence operates Barryroe (50%) with partners San Leon Energy (30%) and Lansdowne Oil & Gas (20%).

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Providence Kicks Off Seismic Ops Offshore Ireland

- Providence Kicks Off Seismic Ops Offshore Ireland

Wednesday, June 08, 2011
Providence Resources plc

Providence announced that it has, on behalf of itself and its partners, commenced its 3D seismic acquisition project in the north Celtic Sea, offshore Ireland. The survey, which is expected to be completed within 2 weeks, forms part of the planned pre-development drilling program on the Barryroe oil discovery ("Barryroe"). Providence operates Barryroe (50%) with partners San Leon Energy (30%) and Lansdowne Oil & Gas (20%).

Using a vessel supplied by Polarcus Limited, the 3D seismic survey will be used to assist in the pre-development drilling program designed to progress Barryroe to first oil. The drilling of Barryroe is scheduled to commence late this summer, with the GSF Arctic III semi-submersible rig already contracted for the drilling program. The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe.

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Providence Pumps Oil at Singleton Well

Providence Pumps Oil at Singleton Well

Thursday, April 21, 2011
Providence Resources plc

Providence confirmed that its Singleton X11 development well has commenced production. This new well, together the recently completed X8v lateral development well, formed part of the company's 2010 drilling program at the Singleton field, onshore UK. The Singleton field is located in the Weald Basin in the south of England and is operated by Providence (99.125%) with partner Noble Energy (0.8725%).

The X11 horizontal development well was recently brought on-stream at an initial rate of c. 200 BOEPD (c. 150 BOPD & c. 300 MSCFGD), which is in-line with pre-drill expectations. The X11 well design has been optimized for stimulation and plans are currently being progressed to carry out an acid fracture operation during Q2/3 2011 to increase production rates further. The X8v dual lateral well is currently being prepared for stimulation. The previously producing X8x section of the well has already been stimulated and it is planned to bring the well back into production in early May.

An updated Singleton third party reserve audit has been carried out by Collarini & Associates, incorporating the results of the 2010 multi-well program. The updated audit reports 7.7 MMBO of 2P net oil reserves at Singleton as of 1st March 2011. This is an increase of 44% in 2P oil reserves when compared to the previous report from 1st January 2010. A copy of the letter from Collarini & Associates summarizing the reserve report will be posted on Providence's website.

Providence will continue the re-development of the Singleton oilfield with further drilling planned in 2011. The company is currently in discussion with rig operators in advance of plans to spud a development well on Singleton later this year.

Providence Secures Semisub for Drilling Program in Celtic Sea

Providence Secures Semisub for Drilling Program in Celtic Sea

Monday, April 18, 2011
Providence Resources plc

Providence has secured a semi-submersible rig for its well program in the Celtic Sea during the summer of 2011. This forms part of Providence's previously announced multi-year, multi-basin drilling program, offshore Ireland.

Under the terms of the deal agreed, Providence, as Operator, has hired the semi-submersible rig, the GSF Arctic III. The rig contract provides for a minimum 54 day period with options to extend, should the company wish to drill further wells. The primary objective of the 2011 drilling program will be to further appraise the Barryroe oil accumulation. Based on the current rig schedule, the spud date is expected to be late August 2011. Well site surveys were recently successfully completed using the R.V. Celtic Voyager.

Providence Sells GOM Assets

Providence Sells GOM Assets

Friday, April 01, 2011

Providence Resources plc

Providence announced the immediate sale of its US oil and gas portfolio in the Gulf of Mexico to Dynamic Offshore Resources LLC ("Dynamic") for a consideration of up to $22 million. The consideration comprises an initial cash payment of $15 million, and potentially an additional $7 million deferred cash payment.

This deferred cash payment is dependent on Dynamic reaching certain production levels from any new wells drilled on Ship Shoal 252, 253 and 267 prior to January 2013. Total current production from Providence's Gulf of Mexico portfolio amounts to c. 700 BOEPD.

The proceeds of the sale, which closed on March 31, 2011, are to be applied to a reduction of the Company's Reserve Backed Lending Facility with BNP Paribas. The sale will result in the impairment of the carrying value of the assets, and will necessitate a non-cash write-off to be taken in Providence's 2010 accounts. CIBC World Markets Plc acted as exclusive financial adviser to Providence on this transaction.

Commenting, Mr. Tony O'Reilly, Chief Executive of Providence said, "While the production from the Gulf of Mexico has played an important role in the development of the Company over the past 3 years, it is now less material going forward. With our major multi-year, multi-basin drilling program offshore Ireland starting, combined with our ongoing investment program at Singleton, the investment focus for the Company is now very clear. As such, the opportunity to realise cash from the Gulf of Mexico portfolio, and to deleverage the core business, made sense."