Providence Commences Production from New US Offshore Gas Field
(Thomson Reuters ONE) - PROVIDENCE COMMENCES PRODUCTION FROM NEW US OFFSHORE GAS FIELD* GALVESTON ISLAND A-155 SUCCESSFULLY BROUGHT ONLINEProvidence Resources P.l.c., the AIM (London) and IEX (Dublin) listedoil and gas exploration and production company, is pleased toannounce that its new Galveston Island A-155 gas field in the U.S.Gulf of Mexico has been successfully brought online with first gassales occurring on Friday 28th of August. This new field, which islocated c.100 kilometres off the US coast and in which Providenceholds a non-operated 10.8% working interest, underwent a fast-trackdevelopment with first gas achieved within 17 months of discovery.The field has been developed with a dedicated unmanned productionplatform connected to a new 30km long gas export pipeline.Speaking today, Tony O'Reilly, Chief Executive of Providence, said:"Whilst the 2008 hurricane season severely impacted operations in theGulf of Mexico, we are pleased to confirm that commencement ofproduction from Galveston Island has been achieved within 17 monthsof discovery. The successful development of Galveston Island A-155 isin line with our stated objective to grow our production in the USGulf of Mexico."Contacts:Providence Resources P.l.cTony O'Reilly, Chief Executive Tel: + 353 (1) 2194074Powerscourt MediaElizabeth Rous/ Rory GodsonTel: +44 (0) 207 236 5622Murray ConsultantsPauline McAlester Tel: +353 (1) 498 0300Notes to EditorsAbout ProvidenceProvidence Resources P.l.c. is an independent oil and gas explorationcompany listed on the AIM marketin London and on Dublin's IEX market. The Company was founded in1997, but with roots going back to1981 when it predecessor company, Atlantic Resources Plc was formedby a group of investors led by SirAnthony O'Reilly. Providence's active oil and gas portfolio includesinterests in Ireland (offshore), theUnited Kingdom (onshore and offshore), the United States (offshore)and West Africa (offshore Nigeria).Providence's portfolio is balanced between production, appraisal andexploration assets, as well as beingdiversified geographically. Comprehensive information on Providenceand its oil and gas portfolio,including all press releases, annual reports and interim reports areavailable from Providence's website atwww.providenceresources.com.About Galveston Island A-155The Galveston Island A-155 discovery well was drilled using the Blake303 jack-up drilling rig. The well islocated in c. 180 ft water depth and was drilled to a total depth ofc. 5365' TVDSS (true vertical depthsubsea). The main reservoir interval is a sandstone unit located atc. 4920' TVDSS. Initial interpretation ofthe log data suggests that the well has encountered a c.50' net payinterval of high quality 27% porositysands which are normally pressured. The Galveston Island A-155project is being operated by Peregrine Oil and Gas. Other partnersinclude Challenger Minerals, UI Energy & HRB Oil & Gas.ReviewThis announcement has been reviewed by John O'Sullivan, ExplorationManager, Providence ResourcesP.l.c. John holds a B.Sc. in Geology from University College Cork,Ireland, an M.Sc. in AppliedGeophysics from the National University of Ireland, Galway and anM.Sc.in Technology Management from The Smurfit School of Business atUniversity College Dublin. John is presently working part-time on aPhD dissertation at Trinity College, Dublin. John has worked in theoffshore business for 19 years and is a fellow of the GeologicalSociety of London and member of the Petroleum Exploration Society ofGreat Britain. John is a qualified person as defined in the guidancenote for Mining Oil & Gas Companies, March 2006 of the London StockExchange. Definitions in this press release are consistent with SPEguidelines.+-------------------------------------------------------------------+| Asset | Location | Operator | % | Type ||----------------+------------+-------------+---------+-------------|| IRELAND | | | | ||----------------+------------+-------------+---------+-------------|| Pegasus | NE Celtic | Providence | 100.0% | Oil and gas || | Sea | | | exploration ||----------------+------------+-------------+---------+-------------|| Orpheus | NE Celtic | Providence | 100.0% | Oil and gas || | Sea | | | exploration ||----------------+------------+-------------+---------+-------------|| Dionysus | NE Celtic | Providence | 100.0% | Oil and gas || | Sea | | | exploration ||----------------+------------+-------------+---------+-------------|| Dragon (part) | NE Celtic | Marathon | c.25.0% | Gas || | Sea | | | development ||----------------+------------+-------------+---------+-------------|| Hook Head | Celtic Sea | Providence | 72.5% | Oil & Gas || | | | | discovery ||----------------+------------+-------------+---------+-------------|| Dunmore | Celtic Sea | Providence | 72.5% | Oil || | | | | discovery ||----------------+------------+-------------+---------+-------------|| Helvick | Celtic Sea | Providence | 72.5% | Oil & Gas || | | | | discovery ||----------------+------------+-------------+---------+-------------|| Ardmore | Celtic Sea | Providence | 72.5% | Gas || | | | | Discovery ||----------------+------------+-------------+---------+-------------|| Blackrock | Celtic Sea | Providence | 72.5% | Oil || | | | | discovery ||----------------+------------+-------------+---------+-------------|| Barryroe | Celtic Sea | Lansdowne | 30.0% | Oil & Gas || | | | | discovery ||----------------+------------+-------------+---------+-------------|| Spanish Point | Porcupine | Providence | 56.0% | Gas || | Basin | | | development ||----------------+------------+-------------+---------+-------------|| Burren | Porcupine | Providence | 56.0% | Oil || | Basin | | | discovery ||----------------+------------+-------------+---------+-------------|| FEL 4/08 | Porcupine | Providence | 56.0% | Oil and gas || | Basin | | | exploration ||----------------+------------+-------------+---------+-------------|| Dunquin | Porcupine | ExxonMobil | 16.0% | Oil and gas || | Basin | | | exploration ||----------------+------------+-------------+---------+-------------|| Drombeg | Porcupine | ExxonMobil | 16.0% | Oil and gas || | Basin | | | exploration ||----------------+------------+-------------+---------+-------------|| Newgrange | Goban Spur | Providence | 16.0% | Oil and gas || | Basin | | | exploration ||----------------+------------+-------------+---------+-------------|| Cuchulain | Porcupine | ENI | 3.2% | Oil and gas || | Basin | | | exploration ||----------------+------------+-------------+---------+-------------|| Kish Bank | Kish Bank | Providence | 50.0% | Oil and gas || | Basin | | | exploration ||----------------+------------+-------------+---------+-------------|| | | | | ||----------------+------------+-------------+---------+-------------|| UNITED KINGDOM | | | | ||----------------+------------+-------------+---------+-------------|| Singleton | Onshore | Providence | 99.1%* | Oil and gas || | | | | production ||----------------+------------+-------------+---------+-------------|| Baxter's Copse | Onshore | Providence | 50.0% | Oil || | | | | discovery ||----------------+------------+-------------+---------+-------------|| Burton Downs | Onshore | Providence | 50.0% | Oil and gas || | | | | exploration ||----------------+------------+-------------+---------+-------------|| | | | | ||----------------+------------+-------------+---------+-------------|| *99.125% | | | | ||----------------+------------+-------------+---------+-------------|| | | | | ||----------------+------------+-------------+---------+-------------|| UNITED STATES | | | | ||----------------+------------+-------------+---------+-------------|| High Island A | Gulf of | Peregrine | 5.0% | Oil and gas || 268 | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| Galveston A | Gulf of | Peregrine | 10.8% | Gas || 155 | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| Ship Shoal | Gulf of | SPN | 50.0% | Oil and gas || 252/253/267* | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| Main Pass 19 | Gulf of | Petsec | 45.0% | Oil and gas || | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| East Cameron | Gulf of | SPN | 12.5% | Gas || 257 | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| West Cameron | Gulf of | Mariner | 32.5% | Gas || 333 | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| Vermillion 60 | Gulf of | SPN | 50.0% | Gas || | Mexico | | | production ||----------------+------------+-------------+---------+-------------|| Ridge | Onshore | Brammer | 30.0% | Gas || | Louisiana | | | production ||----------------+------------+-------------+---------+-------------|| Main Pass 89** | Gulf of | Beryl | 17.5% | Gas || | Mexico | | | production ||-----------------------------+-------------+---------+-------------|| | | | ||-----------------------------+-------------+---------+-------------|| * Earned interest through | | | || well bore | | | ||-----------------------------+-------------+---------+-------------|| ** Back-in rights for 25% | | | || of 70% after pay out | | | ||-----------------------------+-------------+---------+-------------|| | | | | ||-------------+---------------+-------------+---------+-------------|| NIGERIA | | | | ||-------------+---------------+-------------+---------+-------------|| AJE, OML | Offshore | YFP/Chevron | 5.0% | Oil and gas || 113 | Nigeria | | | development |+-------------------------------------------------------------------+---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.09.2009 - 08:02 Uhr
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