Hydrocarbons Located at Dalkey Island Prospect

Providence provided an update on its Dalkey Island exploration prospect in the Kish Bank Basin, offshore eastern Ireland. The Dalkey Island prospect is located c. 10 km offshore eastern Ireland in c. 25 meter water depth. Providence holds an operated 50% equity interest in Licensing Option 08/2 together with its partner, Star Energy Group.

Providence recently commissioned a third party rock physics modeling and seismic inversion study over the Dalkey Island prospect. These data have revealed the presence of a potential direct hydrocarbon indicator at the top of the primary Lower Triassic reservoir interval. Direct hydrocarbon indicators have been noted from analogous producing oil and gas fields in the nearby prolific Liverpool Bay area. In addition, detailed petroleum systems analysis has suggested that the underlying Carboniferous section, which to date has not been drilled in the basin, may also be prospective for oil. This potential has been highlighted by the 33/22-1 well, which was drilled on the edge of basin and which encountered residual oil in Upper Carboniferous sands. Seismic mapping of the Upper Carboniferous has revealed a large structural trap which directly underlies the Lower Triassic Dalkey Island prospect.