Drilling starts at Porcupine
Providence Resources, the Irish based Oil and Gas Exploration company, has commenced drilling at its Frontier Exploration Licence ("FEL") 2/14 located in the southern Porcupine Basin off the south-west of Ireland.
The licence contains the Paleocene "Druid", Lower Cretaceous "Drombeg" and pre-Cretaceous "Diablo" prospects.
The site is operated by Providence Resources on behalf of its partners Capricorn Ireland (a wholly-owned subsidiary of Cairn Energy) and Sosina Exploration, collectively referred to as the "JV Partners".
Drilling operations are expected to take between 45 and 60 days, in which both the Druid exploration target (prospective resources of 3.180 billion barrels of oil) and the Drombeg exploration target (prospective resources of 1.915 billion barrels of oil) will be drilled by a single vertical well.
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.
The drillship is contracted at a cost of $185,000 per day to drill the well.
Providence, which currently holds an interest in 10 licensing authorisations, said that a further operational update will be provided once the Paleocene Druid prospect has been penetrated or as appropriate.