Barryroe Offshore Energy PLC (PVDRF)

[DrillaHill]

5 Billion Barrel exploration well - July 2017

www.proactiveinvestors.co.uk/companies/news/179953/providence-resources-drillship-expected-in-ireland-by-early-july-179953.html (08:02 28 Jun 2017)

"Providence Resources PLC (LON:PVR) told investors it is expecting the Stena IceMAX deep-water drillship to arrive in Ireland by early July.
The contracted drillship has now been mobilised, from its base in Las Palmas, Gran Canaria, following receipt of a safety permit.
Drilling of the high impact Druid/Drombeg exploration well, targeting prospects representing some 5bn barrels of oil potential, is due to begin shortly after the rig arrives off the west coast of Ireland."

latest presentation:

www.providenceresources.com/sites/default/files/AGM%20PRESENTATION%20-%20MAY%202017_1.pdf

latest news:

Commercial Update, FEL 2/14, Exclusive Option, Southern Porcupine Basin
"Under the terms of the Option, TOTAL has the option and the right, but not the obligation, to farm-in to a 35% working interest in FEL 2/14 from Providence & Sosina subject to the payment of US$ 27 million to Providence and Sosina (US$ 21.6 million and US$ 5.4 million, respectively). The Option can be exercised by TOTAL within 60 business days of the completion (plugging and abandoning) of the upcoming 53/6-A well, which is planned to spud in late June 2017 targeting the Druid and Drombeg prospects"
Commercial Update, FEL2/14, Exclusive Option - Receipt of Option Payment
"Dublin and London – June 20, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides a commercial update on the Exclusive Option (the “Option”) entered into with TOTAL E&P IRELAND B.V. (“TOTAL”) and as announced on June 7, 2017. Pursuant to the terms of the Option, Providence and Sosina can confirm receipt of US$ 20.250 million (US$ 16.2 million to Providence). The second payment of US$ 6.750 million (US$ 5.4 million to Providence) is payable by TOTAL no later than 3 business days following the issuance of the P&A notice for the 53/6-A well.
INVESTOR"