Providence Pleased with Hook Head Appraisal Well Results

Providence Resources and its partner have successfully logged a total of 75 feet of net hydrocarbon bearing reservoir in the 50/11-3 Hook Head appraisal well, offshore Ireland. This well, which is located in 240 feet water depth and is c. 60 km offshore Waterford, is situated in Standard Exploration License 2/07 in the North Celtic Sea Basin. The well was drilled to a total depth (TD) of 4,880 feet true vertical depth subsea (TVDSS). All geological horizons were encountered within the pre-drill depth prognosis and significant oil and gas shows characteristic of either light oil or rich gas were encountered whilst drilling.

Preliminary petrophysical analysis of electric wireline logs acquired over the main Lower Cretaceous target indicates a 484 foot gross hydrocarbon-bearing interval. The reservoir zones are of equivalent age to those encountered in the 50/11-1 & 2 wells, located c. 2.5 km and c. 5 km to the south-west, respectively. Initial analysis of the data suggests an overall improvement in reservoir quality at the 50/11-3 location, with average porosities of 20% within the main hydrocarbon-bearing interval. In addition to the successful appraisal of the accumulation, a number of further exploration objectives were also logged as hydrocarbon bearing in the well. The plan is now to set a string of casing prior to flow testing the well.

Upon completion of drilling operations, the revised* equity ownership in the Hook Head discovery is Providence Resources Plc (Operator) 43.5294%, Challenger Minerals (Celtic Sea) Limited 16.3235%, Dyas BV 16.3235%, Atlantic Petroleum (Ireland) Limited 10.8824%, Forest Gate Resources Inc. 7.5%, Sosina Exploration Limited 5.4412%.

*Subject to Ministerial approval

Commenting on the announcement, Mr. Tony O'Reilly Jnr., Chief Executive said:

"We are delighted with the 50/11-3 well results to date, which appear to confirm the presence of a significant hydrocarbon volume within the Hook Head structure. The partners have now agreed to case the well which will be followed by a flow testing program".

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