Dublin and London – September 24, 2019 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Energy Company (“Providence” or the “Company”), notes yesterday evening’s announcement at the UN Climate Action Summit by An Taoiseach, Leo Varadkar, which stated the Irish Government’s intention to phase out oil exploration licences in the future.
The Company believes that the phasing out only relates to the issuance of future oil licences and the Company presumes that all of the options, licences and leases already in place will be allowed to progress for their full duration.
Providence has a large exploration and appraisal portfolio offshore Ireland and the Company will be seeking clarification of the situation through the offices of the Irish Offshore Operators’ Association (“IOOA”). IOOA is the representative organisation for the Irish offshore oil and gas industry. Its members are companies licensed by Government to explore for and produce oil and gas in Irish waters.
The IOOA spokesperson/CEO made the following statement on the IOOA website:
“IOOA look forward to seeing the full detail of the proposals to be outlined in the Taoiseach’s speech at the Climate Action Summit this evening. In particular we look forward to receiving the exact detail of the proposed implementation of today’s announcement regarding future exploration in Ireland. Our members remain committed to Ireland's efforts to transition to renewable energy, however energy security for Ireland is an important part of that process and we will seek a meeting with Government in relation to the matter in the coming weeks.” https://www.iooa.ie/iooa-response-to-remarks-by-an-taoiseach-nyc-23rd-sept/
Providence is working closely with its colleagues at IOOA on this important matter and the Company will provide further updates in due course.
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ANNOUNCEMENT & FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. No representation is made that any of those statements or forecasts will come to pass or that any forecast results will be achieved. You are cautioned not to place any reliance on such statements or forecasts. Those forward-looking and other statements speak only as at the date of this announcement. Providence Resources P.l.c undertakes no obligation to update any forward-looking statements.
ABOUT PROVIDENCE RESOURCES PLC
Providence Resources is an Irish based Oil & Gas Energy Company with a portfolio of appraisal and exploration assets located offshore Ireland. Providence’s shares are quoted on the AIM in London and the Euronext Growth Market in Dublin. Further information on Providence can be found on www.providenceresources.com