Wednesday 7 December 2016

Drilling vow boosts Providence stock

Published 23/02/2011 | 05:00

SHARES in Providence Resources rose yesterday after the oil and gas explorer said it was committing to drill at one of its discoveries off the west coast of Ireland.

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In an operational update, the company said it had notified the Department of Energy that it had elected to enter the second phase of Frontier Exploration Licence 2/04, which contains the Spanish Point gas condensate and Burren Oil discoveries.

The second phase carries a well commitment and will form part of the company's multi-well drilling programme this year.

Meanwhile, a competent third person's report on the two licences has assessed gross un-risked recoverable prospective resources of up to 750 million barrels of oil equivalent.

Caren Crowley of Davy Stockbrokers said: "The announcement should be welcomed by shareholders as concrete evidence that a well will be drilled on the Spanish Point discovery.

"The appraisal of this discovery is an important part of the 10-well programme slated for the Irish offshore over the next two years."

Providence closed up 0.61pc at €3.30.

Irish Independent

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