ExxonMobil Pens Ocean Rig Semisub for Dunquin Drilling

Providence Resources P.l.c. has now received formal notification from ExxonMobil Exploration and Production Ireland (Offshore) Limited that a letter of intent has been signed with Ocean Rig UDW Inc. for the Eirik Raude (UDW semisub) drilling rig.

Under the terms of this Letter of Intent, it is proposed to utilize the Eirik Raude to drill an exploration well at Dunquin, located in Frontier Exploration Licence (FEL) 3/04, offshore Ireland with an estimated program duration of up to 6 months. Subject to satisfactory contract and corporate and co-venturer approvals, the rig is scheduled to commence this contract in the first quarter of 2013.

ExxonMobil Exploration and Production Ireland (Offshore) Limited (27.5% interest) operates FEL 3/04 on behalf of its partners, Eni Ireland B.V. (27.5% interest), Repsol Exploracion Irlanda, S.A. (25% interest), Providence Resources Plc (16.0% interest) and Sosina Exploration Limited (4.0% interest).

"We are extremely pleased to confirm that this letter of intent has now been agreed, and that drilling operations at Dunquin are being planned to start in 1Q 2013. The Dunquin well forms an important part of Providence's ongoing Irish multi-basin, multi-well drilling program," Chief Executive of Providence Tony O'Reilly said.

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