Ireland Operations

St. GEORGES CHANNEL

Standard Exploration Licence 1/07 (100% interest)

ORPHEUS/DIONYSUS/PEGASUS/DRAGON

Providence holds a 100% equity position in Standard Exploration Licence 1/07 in the St. George’s Channel Basin, which contains part of the Dragon gas field (c.25%) as mapped from existing seismic and well data. The Dragon field, which straddles the Irish/ UK median line, was discovered in 1994 by Marathon Oil, who have cited an associated gas resource level of c. 80 BSCF. The recent development of LNG facilities at nearby Milford Haven in South Wales in conjunction with the strengthening of local gas prices has made the development of the Dragon resource more attractive. Prior to any development it is likely that a unitisation will take place in order to finalise equity interests in the field.

The licence also contains a number of large untested exploration targets. The main objective are the Jurassic aged Pegasus and Orpheus prospects which have most likely prospective recoverable resource levels of 890 BSCF and 290 BSCF respectively. The concession also includes the Triassic Dionysus exploration play.