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The Spanish Point 3D seismic survey has commenced

22 June 2009

An area of 300 square kilometres is included in the survey that will be done by the vessel BOS Angler.

Providence Resources has commenced vessel mobilisation operations for the Spanish Point 3D seismic survey. This 3D seismic survey programme will cover a c.300 km2 area primarily over the jurassic Spanish Point gas condensate discovery and is expected to take up to 60 days.

The survey acquisition contract was awarded to Bergen Oilfield Services AS and the survey will be acquired using the recently refitted BOS Angler 3D seismic survey vessel. Providence (56%) operates the Spanish Point licence (FEL 2/04) on behalf of its partners Chrysaor E&P Ireland (30%) and SOSINA Exploration (14%). The budgeted costs of this survey will be borne by Chrysaor, as part of the farm-out agreement announced on 12 August 2008.

BOS Angler and photo of a work place onboard the vessel (Courtesy by BOS)

The original 35/8-2 Spanish Point discovery well flowed c.1,000 Barrels of Oil per Day (BOPD) and c. 5 Millions of Cubic Feet of Gas Per Day (MMSCFGPD) from one of four logged hydrocarbon bearing intervals. Third party modelling of these well data has suggested that an optimally placed and stimulated development well could flow at significantly higher rates from all hydrocarbon bearing intervals.

The partners consider that the acquisition of a 3D seismic survey over Spanish Point is vital in order to further enhance the detailed understanding of the reservoir, as well as to optimise potential future well placement. The survey has also been designed to accommodate future time lapse 3D seismic surveying, which has been demonstrated to be particularly effective in monitoring fluid movement during field production.,


Dr. David J. Davies

Managing Director, CEO

Sosina Exploration Ltd

1 Berry St

Aberdeen AB25 1HF

Tel: +44 1224 845464
Mob: +44 (0)7703 293 649

Mr. John Ødegaard,

Chairman of the Board

Tel: +45 35 31 10 02

Mobile: +45 27 26 00 03

About Spanish Point

Providence holds a 56% interest and is operator of FEL 2/04, which covers blocks 35/8 & 9 situated in the Porcupine Basin, off the west coast of Ireland. The blocks are situated in 300-400 metres of water and are located approximately 200 km off the coast. Spanish Point was discovered in 1981 by Phillips Petroleum and a consortium which included Atlantic Resources Plc, Providence's predecessor company. The discovery well (35/8-2) flowed c. 1,000 BOPD and c. 5 MMSCFGPD from a hydrocarbon column of c. 1,400 ft in sandstones of Upper Jurassic age. However, due to a combination of low commodity prices, high cost of development and lack of an indigenous gas market and infrastructure at that time, the project was not declared economic and the licence was subsequently relinquished. Providence applied for and became operator of the Spanish Point licence in November 2004 which has a 15 year-term. Providence's geological team carried out a geological and geophysical analysis which supported and improved the 1981 post-drill analysis. The combination of this new analysis, coupled with advances in technology and an improved oil/gas price regime, suggest that a commercial development of Spanish Point might be possible.

In August 2008, Providence, together with its partner SOSINA, signed a staged farm-out agreement with Chrysaor Holdings Limited, a privately owned development led company. The terms of the farm-out agreement provide for Chrysaor to conduct a significant appraisal work programme on the Spanish Point discovery in return for a minimum 30% interest in Spanish Point. Chrysaor then has the option to earn up to a maximum 70% interest in the event that two wells are subsequently drilled on Spanish Point. The agreement is subject to certain milestones being achieved with an initial commitment by Chrysaor to fund the budgeted cost of a 3-D seismic programme as consideration for the initial 30% interest. Chrysaor may then undertake to finance the drilling of up to two appraisal wells where it will commit not less than 60% cost share, whilst also capping the other partners' cost share, to earn an additional interest of up to 40%, thereby reducing the other partners' stakes pro rata.

About Bergen Oilfield Services AS

Bergen Oilfield Services AS (BOS) is a Norwegian offshore seismic survey company with a focus on subsea technology commercialisation. We manage the whole value chain from vessel ownership and data acquisition through to processing; ensuring a high quality, on time response. The organisation is driven by the quality of its services, the continuous pursuit for innovative solutions and the expertise of its employees. At all stages of our operations, safety, quality and environmental preservation are paramount.

About BOS Angler

Bergen Oilfield Services (BOS) is proud to announce the re-launch of the BOS Angler, the world's first "geophysical toolbox" vessel. With the trend for combination and on demand exploration tools required by our clients, the BOS Angler is one of the BOS solutions to an ever growing industry demand. E&P companies realise that to achieve the best prospect imaging solution, a combination of new and proven existing exploration tools are required. The BOS Angler coupled with the BOS team are ahead of the game in delivering bespoke solutions to global exploration challenges. Not just seismic, not just better seismic but a combination of exploration tools to deliver data and images for exploration success. Following a successful upgrade the BOS Angler is equipped for multiple streamer surveys and prepared for OBS and other seabed operations. BOS Angler is a DP II Ice Class survey vessel and is already attracting interest for work in Arctic and other northern exploration latitudes. BOS Angler is the latest vessel to join the growing BOS Fleet - all vessels are owned and managed by Bergen Oilfield Services AS. To date, BOS 2D & 3D operations have achieved the highest levels of operational performance courtesy of our very experienced seismic crew base. Contact Information at http://www.bergenofs.no/

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