Providence Shoots New 2D Seismic Survey Offshore Nigeria
(Thomson Reuters ONE) - 2 October 2009 PROVIDENCE SHOOTS NEW 2D SEISMIC SURVEY OFFSHORE NIGERIAProvidence Resources P.l.c., the London (AIM) and Dublin (IEX) listedoil and gas exploration and production company, is pleased toannounce the successful acquisition of a new 2D seismic survey overits Oil Mining Lease 113 (OML 113) in the Benin Embayment, offshoreNigeria. This new 2D survey was acquired by Petroleum Geo-Services(PGS) using the vessel M.V Falcon Explorer and extended over a totalline length of c. 130 kilometres.OML113 contains the Aje Field, which is operated by Yinka FolawiyoPetroleum Company Limited ("YFP"), with Chevron Nigeria Deepwater HLimited ("Chevron") acting as Technical Advisor to the Operator. Theother partners in OML113 are Vitol Exploration Nigeria Limited("Vitol"), Energy Equity Resources Aje Limited ("EER") and PR Oil andGas Nigeria Limited ("Providence").Contacts:Providence Resources P.l.c. Tel: +353 (0)1219 4074Tony O'Reilly, Chief ExecutivePowerscourtTel: +44 (0)207 250 1446Rory Godson/Elizabeth RousMurray ConsultantsTel: +353 (0)1 498 0300Pauline McAlesterNotes to EditorsAbout ProvidenceProvidence Resources Plc is an independent oil and gas explorationcompany listed on the AIM market in London and on Dublin's IEXmarket. The Company was founded in 1997, but with roots going back to1981 when it predecessor company, Atlantic Resources Plc was formedby a group of investors led by Sir Anthony O'Reilly. Providence'sactive oil and gas portfolio includes interests in Ireland(offshore), the United Kingdom (onshore and offshore), the UnitedStates (offshore) and West Africa (offshore Nigeria). Providence'sportfolio is balanced between production, appraisal and explorationassets, as well as being diversified geographically. Comprehensiveinformation on Providence and its oil and gas portfolio, includingall press releases, annual reports and interim reports are availablefrom Providence's website at www.providenceresources.com.About AJEThe AJE Field is situated in Oil Mining Lease 113 (OML 113) in waterdepths of up to c. 3,000 feet and is 15 miles offshore Nigeria, beingsome 40 miles southwest of Lagos. Four wells have been drilled on theAJE Field, all of which have intersected hydrocarbons bearingintervals.The discovery well, AJE-1was drilled in 1996 and encountered oil andgas in reservoirs of Cretaceous Turonian age, and flowed at anaggregate rate of 42 MMSCFD and 2,262 BOPD over three zones. Anappraisal well, Aje-2, which was drilled in 1997 also encountered oiland gas in the Turonian and flowed 3,866 BOPD from an additional zonein the Cenomanian which had not been tested in the Aje-1 well. TheAJE-3 well, which was drilled in 2005 on the southwest flank of thefield encountered significant gas shows whilst drilling the Turonianreservoir section and this together with wire-line log data, suggestthat whilst reservoir quality is not optimum, this section is gasbearing. In addition the well data also indicated the presence of oilwithin Cenomanian sands.The AJE-4 well encountered the main Turonian reservoir c. 30 feetup-dip from the AJE-2 well and the petrophysical logs confirmed agross Turonian hydrocarbon column of c. 335 feet. Down-hole pressureand sample data confirmed that the Turonian column comprised gascondensate overlying a c. 30 foot oil rim and that the total columnis thought to share a common contact with the AJE-1 & 2 wells. Theunderlying Upper Cenomanian oil pay zone contained a c. 65 foot grossoil column and the data suggest that this unit is in communicationwith the oil payzone which was tested in the AJE-2 well. A furthernew Lower Cenomanian oil pay zone was also confirmed with a grosscolumn of c. 60 ft. The AJE-4 well encountered two further zoneswhich logged as hydrocarbon bearing in the underlying Albian section.The upper zone contained c. 170 ft gross hydrocarbon column inmassive sands and a down-hole pressure and sampling programmeconfirmed the presence of gas-condensate. A further c. 60 ft grossAlbian zone was also logged as hydrocarbon bearing.In February, 2009, the project was deemed a Commercial Discovery bythe Operating Committee. Accordingly, the partners in the Aje Fieldhave authorised Chevron, as Technical Advisor to the Operator, toprepare a Development Plan for development of the Aje Field.Providence holds a 5% net revenue interest in the Aje Field with theother partners in the project being Yinka Folawiyo Petroleum CompanyLimited (Operator), Chevron Nigeria Deepwater H Limited (TechnicalAdviser to the Operator), Vitol Exploration Nigeria Limited andEnergy Equity Resources Aje Limited.About this AnnouncementThis announcement has been reviewed by John O'Sullivan, ExplorationManager, Providence Resources P.l.c. John holds a B.Sc. in Geologyfrom University College Cork, Ireland, an M.Sc. in Applied Geophysicsfrom the National University of Ireland, Galway and a M.Sc.inTechnology 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. Definitions in this press release are consistentwith SPE guidelines.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 02.10.2009 - 08:01 Uhr
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