Barryroe Offshore Energy PLC (PVDRF)

[DrillaHill]

Dromberg prospect water bearing, targeting to drill Barryroe

www.providenceresources.com/sites/default/files/RNS%20-%20FEL%202-14%20OPERATIONAL%20UPDATE%20-%20DROMBEG.pdf

Speaking today, Tony O’Reilly, Chief Executive of Providence said: “The 53/6-1 well results at the Drombeg level are disappointing and we will now assess these well data in order to understand what implications they have for prospectivity within the licence including in the underlying pre-Cretaceous Diablo Prospect together with other anomalies within FEL 2/14. Frontier exploration requires perseverance and we look forward to seeing the outcome of exploration wells planned for acreage proximate to FEL 2/14, which will test plays similar to Diablo and to those which have proved to be successful in the conjugate Flemish Pass Basin, offshore Canada.” “53/6-1 is situated in the deepest water of any exploration well ever drilled offshore Ireland and is an important operational milestone for Providence, being our first harsh environment ultra-deep water well operation. Furthermore, through our pre-drill commercial transactions with Cairn (farm-in) and TOTAL (Option), Providence’s financial exposure to the well was significantly reduced, thereby ensuring that we remain well funded for our forward drilling operations offshore Ireland, with Barryroe being planned as our next well in this programme.”