26th September 2006
Providence Resources Plc ("Providence" or the "Company") BLACKROCK PROJECT UPDATE
* FURTHER APPRAISAL ACTIVITY TO BE CARRIED OUT ON THE BLACKROCK STRUCTURE
* FIRST COMMERCIAL USE OF OBS TECHNOLOGY IN THE CELTIC SEA
Providence, the AIM and Dublin IEX listed oil & gas exploration and production company, today announced that it has engaged the services of Gardline Surveys to utilize Ocean Bottom Seismic (OBS) technology over the next potential well location on the Blackrock structure.
It is planned for the survey to be carried out during Q4 2006 over blocks 48/30 & 49/26 in the Celtic Sea, offshore southern Ireland. The survey will be performed by the University of Durham, which is part of the Ocean Bottom Instrumentation Consortium (OBIC), who specialize in the utilization of this innovative technology.
OBS technology, a highly advanced surveying technique, has been demonstrated to be effective in assessing hydrocarbon fluids within structures where there are existing well control points. This is the first time that the highly advanced OBS technology has been deployed as part of the search for oil in the Celtic Sea. The technique is based on placing the hydrophone sensors, which are normally towed near the sea surface, on the seabed, which greatly increases the amount of data acquired. In the case of Blackrock, Providence has two control points comprising of the two existing wells on either flank of the structure.
Commenting on today's announcement, Tony O'Reilly Jnr, Chief Executive of Providence Resources P.l.c. said: "We expect that this groundbreaking technology will help to further assess the extent of the Blackrock discovery. The results should allow us to better define the magnitude of the structure and assist with identifying potential drilling and development locations. "The successful use of this highly advanced technology will not only benefit Providence's Blackrock field, but it should also provide an economic means of evaluating other Celtic Sea assets"
Contacts: Providence Resources P.l.c. Tony O'Reilly Jnr., Chief Executive Tel: + 353 (1) 667 5740
Powerscourt Media Victoria Brough Tel: + 44 (0)207 236 5622
Murray Consultants Pauline McAlester Tel: + 353 (1) 498 0300
Notes to Editors:
About Providence Providence Resources Plc is an independent oil and gas exploration company listed on the AIM market in London and on Dublin's IEX market. The Company was founded in 1997, but with roots going back to 1981 when it predecessor company, Atlantic Resources Plc was formed by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in Ireland (offshore), the UK (onshore and offshore) and West Africa (offshore Nigeria). Providence's portfolio is balanced between production, appraisal and exploration assets, as well as being diversified geographically.
Recent corporate announcements include;
* Interim Results (announced September 27th 2006) * Secures Rig Slot for 2007 (announced September 25th 2006); * Gardline Geosurveys Ltd Survey (announced September 15th 2006); * 20% Farm-out Deal agreed with CMI on Celtic Sea Licences (announced September 5th 2006); * Completion of Dunquin Seismic (announced August 8th 2006); * Annual General Meeting Statement (announced on June 20th 2006); * Annual Results (announced on May 17th 2006); * Dunquin Farm-out to ExxonMobil (announced on February 13th 2006); * ¤50 million Revolving Credit Finance Facility with Macquarie Bank (announced on February 2nd 2006); and * Increased production at its Singleton oilfield (announced March 7th 2006).
Comprehensive information on Providence and its oil and gas portfolio, including its 2005 AIM Admission document, 2005 Annual Report, Interim Report 2005 and recent press releases are available from Providence's website at www.providenceresources.com
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