Barryroe Offshore Energy PLC (CE) (PVDRF) Noticias

Providence Resources changed to Barryroe Offshore Energy PLC:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Dromberg prospect water bearing, targeting to drill Barryroe

www.providenceresources.com/sites/default/files/RNS%20-%20FEL%202-14%20OPERATIONAL%20UPDATE%20-%20DROMBEG.pdf

Speaking today, Tony O’Reilly, Chief Executive of Providence said: “The 53/6-1 well results at the Drombeg level are disappointing and we will now assess these well data in order to understand what implications they have for prospectivity within the licence including in the underlying pre-Cretaceous Diablo Prospect together with other anomalies within FEL 2/14. Frontier exploration requires perseverance and we look forward to seeing the outcome of exploration wells planned for acreage proximate to FEL 2/14, which will test plays similar to Diablo and to those which have proved to be successful in the conjugate Flemish Pass Basin, offshore Canada.” “53/6-1 is situated in the deepest water of any exploration well ever drilled offshore Ireland and is an important operational milestone for Providence, being our first harsh environment ultra-deep water well operation. Furthermore, through our pre-drill commercial transactions with Cairn (farm-in) and TOTAL (Option), Providence’s financial exposure to the well was significantly reduced, thereby ensuring that we remain well funded for our forward drilling operations offshore Ireland, with Barryroe being planned as our next well in this programme.”

Druid prospect water bearing, continue to drill Dromberg

www.providenceresources.com/sites/default/files/RNS%20-%20FEL%202-14%20-%20DRUID%20UPDATE_1.pdf

• PALEOCENE DRUID RESERVOIR INTERVAL ENCOUNTERED WITHIN THE PRE-DRILL DEPTH PROGNOSIS
• PRELIMINARY INTERPRETATION INDICATES DRUID TO COMPRISE A POROUS WATER BEARING RESERVOIR INTERVAL
• THE WELL WILL BE DEEPENED TO EVALUATE THE LOWER CRETACEOUS DROMBEG PROSPECT

5 Billion Barrel Druid & Dromberg Well Spud

DRILLING OPERATIONS ON THE 53/6-A EXPLORATION WELL PROGRAMMME HAVE COMMENCED
DRUID and DROMBEG Oil Prospects

Dublin and London – July 12, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the “Company”), today provides an operational update regarding Frontier Exploration Licence (“FEL”) 2/14 located in the southern Porcupine Basin. FEL 2/14 is operated by Providence Resources plc (56%) on behalf of its partners Capricorn Ireland Limited (a wholly owned subsidiary of Cairn Energy PLC, 30%) and Sosina Exploration Limited (14%), collectively referred to as the “JV Partners”. The licence contains the Paleocene “Druid”, Lower Cretaceous “Drombeg” and pre-Cretaceous “Diablo” prospects.
The JV Partners have contracted the Stena “IceMAX” deep-water drillship to drill the 53/6-A well in FEL 2/14 to evaluate the vertically stacked Paleocene Druid and Lower Cretaceous Drombeg exploration prospects. Following consent from the Minister of Communications, Climate Action and Environment on July 11, 2017, Providence can confirm that drilling operations on the 53/6-A well programme have commenced.
A further operational update will be provided once the Paleocene Druid prospect has been penetrated or as appropriate. Drilling is then planned to continue to the underlying Lower Cretaceous Drombeg prospect.

5 Billion Barrel exploration well - July 2017

www.proactiveinvestors.co.uk/companies/news/179953/providence-resources-drillship-expected-in-ireland-by-early-july-179953.html (08:02 28 Jun 2017)

"Providence Resources PLC (LON:PVR) told investors it is expecting the Stena IceMAX deep-water drillship to arrive in Ireland by early July.
The contracted drillship has now been mobilised, from its base in Las Palmas, Gran Canaria, following receipt of a safety permit.
Drilling of the high impact Druid/Drombeg exploration well, targeting prospects representing some 5bn barrels of oil potential, is due to begin shortly after the rig arrives off the west coast of Ireland."

latest presentation:

www.providenceresources.com/sites/default/files/AGM%20PRESENTATION%20-%20MAY%202017_1.pdf

latest news:

Commercial Update, FEL 2/14, Exclusive Option, Southern Porcupine Basin
"Under the terms of the Option, TOTAL has the option and the right, but not the obligation, to farm-in to a 35% working interest in FEL 2/14 from Providence & Sosina subject to the payment of US$ 27 million to Providence and Sosina (US$ 21.6 million and US$ 5.4 million, respectively). The Option can be exercised by TOTAL within 60 business days of the completion (plugging and abandoning) of the upcoming 53/6-A well, which is planned to spud in late June 2017 targeting the Druid and Drombeg prospects"
Commercial Update, FEL2/14, Exclusive Option - Receipt of Option Payment
"Dublin and London – June 20, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides a commercial update on the Exclusive Option (the “Option”) entered into with TOTAL E&P IRELAND B.V. (“TOTAL”) and as announced on June 7, 2017. Pursuant to the terms of the Option, Providence and Sosina can confirm receipt of US$ 20.250 million (US$ 16.2 million to Providence). The second payment of US$ 6.750 million (US$ 5.4 million to Providence) is payable by TOTAL no later than 3 business days following the issuance of the P&A notice for the 53/6-A well.
INVESTOR"