PROVIDENCE RES. Providence Resources P.L.C. - Commercial Update Fel 2/14
June 20 2017 - 2:00AM
UK Regulatory
TIDMPVR
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Commercial Update
Frontier Exploration Licence 2/14
Exclusive Option
-- RECEIPT OF FIRST OPTION PAYMENT FROM TOTAL
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 ENQUIRIES
Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O'Reilly, Chief Executive Officer
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee
J&E Davy Tel: +353 1 679 6363
Anthony Farrell
MEDIA ENQUIRIES
Powerscourt Tel: +44 207 250 1446
Lisa Kavanagh/Peter Ogden
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company
with a portfolio of appraisal and exploration assets located offshore
Ireland. Providence's shares are quoted on AIM in London and the ESM in
Dublin.
ABOUT TOTAL
Total is a global integrated energy producer and provider, a leading
international oil and gas company, and a major player in solar energy
with SunPower and Total Solar. Our 98,000 employees are committed to
better energy that is safer, cleaner, more efficient, more innovative
and accessible to as many people as possible. As a responsible corporate
citizen, we focus on ensuring that our operations in more than 130
countries worldwide consistently deliver economic, social and
environmental benefits. total.com
ANNOUNCEMENT
This announcement has been reviewed by Dr John O'Sullivan, Technical
Director, Providence Resources P.l.c. John is a geology graduate of
University College, Cork and holds a Masters in Applied Geophysics from
the National University of Ireland, Galway. He also holds a Masters in
Technology Management from the Smurfit Graduate School of Business at
University College Dublin and a doctorate in Geology from Trinity
College Dublin. John is a Chartered Geologist and a Fellow of the
Geological Society of London. He is also a member of the Petroleum
Exploration Society of Great Britain, the Society of Petroleum Engineers
and the Geophysical Association of Ireland. John has more than 25 years
of experience in the oil and gas exploration and production industry
having previously worked with both Mobil and Marathon Oil. John is a
qualified person as defined in the guidance note for Mining Oil & Gas
Companies, March 2006 of the London Stock Exchange. Definitions in this
press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE
Petroleum Resource Management System 2007 has been used in preparing
this announcement.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Providence Resources plc via Globenewswire
http://www.providenceresources.com/html/
(END) Dow Jones Newswires
June 20, 2017 02:00 ET (06:00 GMT)
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