Media Release from Providence Resources

Wednesday 19 September 2012

Providence Resources has issued a media release regarding their oil and gas exploration interests in the Rathlin Basin.

The statement was released to the media at 7.00 this morning. It was also emailed to the RDCA, together with a background briefing document.

In the background briefing document, Providence states that "following initial interpretation, five potential drillable geological structures have been identified. These targets are predominately in offshore waters, however there is a possibility that one of the targets may be reached by an onshore well."

The briefing document sets out more issues in a question and answer format:
"Does this mean that there will be drilling and if so where?
Yes, ultimately, the results are encouraging, and point towards future drilling. However, it is early days and more analysis needs to be carried out before firm drilling plans are made.
As such, no decision has been taken of where to drill and naturally, as we have communicated to stakeholders previously, no drilling activities would be undertaken without consultation with the relevant stakeholders and of course, all activities would be subject to relevant environmental and safety conditions imposed by the DECC and DETINI. As the Company has licensed both onshore and offshore blocks, both options are currently available for drilling locations.

When would you expect drilling would take place?
Again, not determined – but is unlikely to occur within the next 12 months.

Will fracking be involved?
No, fracking operations do not form part of our exploration activity work scope."