Providence Plans for Seismic Acquisition to Begin on Drombeg Project

Providence Resources Plc announced that ExxonMobil Exploration and Production Ireland (Offshore) Limited ('ExxonMobil'), as operator of Frontier Exploration Licenses (FEL) 1/08 & 2/08, has confirmed that a 2D seismic survey is planned to commence over the licenses in June 2008. The blocks lie in c. 2,000-3,000 meter water depths and are located c. 200 km off the southwest coast of Ireland. The M.V. CGG Princess will be used to carry out the survey which will entail the acquisition of up to c. 3,000 line kilometers of 2D seismic reflection data.

Partners in the Drombeg project are ExxonMobil (80%) as Operator, with Providence (16%) and Sosina Exploration (4%) as partners. The FEL 1/08 & 2/08 authorizations cover thirteen offshore blocks, and contain the Drombeg exploration prospect. The area was licensed in March 2008, as part of the Irish government's 2007 Porcupine Licensing Round Initiative. The partners also hold equivalent interests in the nearby FEL 3/04 ('Dunquin') and LO 1/06 ('Goban Spur) areas, where they have to date carried out extensive subsurface studies including the acquisition and processing of c. 2,000 km of long offset 2D seismic reflection data.


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