Providence Updates on Spanish Point Seismic Offshore Ireland

Providence Resources has provided an operational update on its Spanish Point license (FEL 2/04), which is located c. 200 km off the west coast of Ireland. This license is situated in the Main Porcupine Basin and is operated by Providence (56%) on behalf of its partners, Chrysaor E&P Ireland Limited (30%) and Sosina Exploration Limited (14%).

During the summer of 2009, Providence and its partners acquired a c. 320 sq km 3D seismic survey over the Spanish Point license, which
contains the Spanish Point gas discovery and the adjacent Burren oil discovery. Preliminary fast track data from this survey have now been
received by the partnership and the initial observations are detailed below.

Spanish Point

Initial partially processed data indicate excellent resolution to below reservoir level across the whole of the Spanish Point structure and confirm the potential for further reservoir above that tested by the 35/8-2 discovery well within the existing hydrocarbon bearing block. In addition, the results suggest that fault density within the Spanish Point structure is relatively low, which is positive in terms of reservoir continuity and any ultimate future field development.


The 3D survey area also covered the adjacent 35/8-1 Burren oil discovery which flowed high quality 34o API oil from one of a number of thin Lower Cretaceous sands within a c. 400ft gross hydrocarbon bearing interval. Previously, it had been difficult to map the architecture of these reservoir sands however the 3D survey has already provided a significant improvement in the imaging of the Burren discovery which will allow the partnership to more fully assess its commercial potential.

Commenting on the announcement, Tony O'Reilly, Chief Executive of Providence said, "We are very pleased with the initial findings from this 3D survey which exceed our expectations. Whilst more work needs to be done to fully evaluate these 3D seismic data, the initial results
substantially enhance our overall views on Spanish Point. Of particular significance is the identification of additional potential reservoir up-dip from the discovery well - this indicates significant resource upside in terms of gas in place. We are also very encouraged by the data over the Burren oil discovery."