60 Merrion Road, Ballsbridge, Dublin 4
Telephone: +(353) 1 6675740 (8 lines) ; Fax: +(353) 1 6675743
PROVIDENCE RESOURCES P.l.c.
Providence Resources P.l.c. (“Providence”) is pleased to announce today, Thursday 6th February 2003, that the Minister for Communications, Marine and Natural Resources, Dermot Ahern T.D., has granted a Licensing Option over Block 49/26 and part Blocks 48/30, 48/29, 57/4 and 57/5 (containing the ‘Blackrock’ prospect) in the North Celtic Sea Basin, offshore Ireland. Providence holds a 50% interest as Operator.
The Blocks are adjacent to the Seven Heads gas field, which is presently under development by Ramco, and are about 35 kilometres south of the Marathon-operated Kinsale Head gas field with its existing infrastructure facilities. The Blocks contain large and potentially oil and gas bearing structures.
Under an agreement with its UK based partner, Midmar Energy Limited (‘Midmar’), Providence has retained a 50% fully carried interest with Midmar paying for the costs of undertaking an agreed work programme. In addition Providence retains the right, exercisable at any time during 2003, to increase its interest to 75% by contributing an equivalent percentage of costs towards the work programme. The work programme includes a review, analysis and re-interpretation of existing data enabling decisions to be made on forward plans for these Blocks.
The granting of these Blocks to Providence and Midmar, is the result of ongoing reviews by both companies, in association with Rockfield Energy, aimed at identifying value-leveraged opportunities offshore Ireland, which could potentially place Providence at the forefront of future hydrocarbon development initiatives.
ENDS
February 6th 2003
For reference:
Providence Resources P.l.c.
Stephen Carroll / Tony Odone Tel: 00-353-1-6675740
Murray Consultants Limited
Pauline McAlester Tel: 00-353-1- 498 0300 / 00-353-87-2558300