13th Oct 2005 15:07
Providence Resources PLC13 October 2005 Providence Resources P.l.c 12 October 2005 PROVIDENCE COMMENCES MAJOR IRISH OFFSHORE SEISMIC SURVEY Providence Resources Plc ('Providence') is today pleased to announce thecommencement of a major new Irish offshore seismic survey using a new 'longoffset' technique, which can vastly improve imaging and hydrocarbon detection.The survey, which is being used for the first time in the Celtic Sea, will focuson a number of the Company's existing oil and gas field assets and will becarried out by Fugro Data Services AG and TGS-NOPEC Geophysical Company ASA. Thesurvey is being partially underwritten by Providence. This first phase of the survey is expected to target specific structuresincluding Ardmore, Hook Head and Blackrock. In addition, the survey will provideincreased definition on the Pegasus, Dionysus and Apollo prospects in the StGeorge's Channel Basin, where Providence holds a dominant acreage positionadjacent to the Marathon-operated Dragon gas field. A second survey phase is envisaged for 2006, which will involve a further 2,500km of 2D seismic data collection, including some of Providence's large prospectsin the Porcupine Basin off the west coast of Ireland. Commenting on the survey, Chief Executive, Tony O'Reilly Jnr said: "This new survey technique has already resulted in a noticeable increase in exploration success in the North Sea and we are delighted to be pioneering its use offshore Ireland. This is an exciting and important step in progressing towards drilling and development of Providence's many assets." Contacts: ProvidenceTony O'Reilly Jnr. (Chief Executive) Tel: +353 1 667 5740 Powerscourt Tel: +44 (0) 207 236 5615Victoria Brough Mob:+44 (0) 7967 044 840Murray ConsultantsPauline McAlester Tel: +353 1 498 0300 NOTES TO EDITORS About SurveyThe "Northern Explorer" vessel mobilised from Den Helder, Holland on 12thOctober 2005 and is expected to acquire approximately 1,500 km of 2D seismicdata in the North Celtic Sea and St. George's Channel Basins during 2005.The new survey involves the use of a new 'Long Offset' technique where an 8kilometre long receiver streamer is towed behind the seismic surveying vessel.This new technique, which has not previously been deployed offshore Ireland,vastly improves imaging and direct hydrocarbon detection, and presently iscreating a renaissance in North Sea exploration. Partners in this survey are:Providence Resources PlcFugro Data Services AGTGS-NOPEC Geophysical Company ASAIsland Oil and Gas Plc. About Providence ResourcesProvidence'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 explorationassets, as well as being diversified geographically. Comprehensive information on Providence and its oil and gas portfolio, includingits AIM Admission document and Annual Report 2004, are all available fromProvidence's website at www.providenceresources.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PVR.L