Providence set for Dunquin drill
Providence Resources yesterday confirmed that it will drill an exploratory well at the Dunquin exploration site in the second quarter of next year.
The Dunquin joint venture partners have now approved the budget for the current year and that includes well design and the procurement of long lead items for the drilling programme, it said.
"We are extremely pleased to confirm that the pre-drill activities for the Dunquin exploration well have commenced and that a spud date has now been scheduled," said chief executive Tony O'Reilly.
"This well forms an important part of Providence's Irish multi-basin, multi-well drilling programme which kicked off in November 2011."
ExxonMobile is the operator of the Dunquin project and it has a 27.5pc stake in the venture.
Fellow majors Eni and Repsol are also partners in the project owning 27.5pc and 25pc respectively. Providence has a 16pc stake and Sosina owns the remaining 4pc.
Last week, Providence gave an update on the Barryroe well, which is the first in the multi-well programme. The well has now successfully assessed both the upper gas field and a secondary reservoir target. Drilling is now going ahead through to the primary reservoir target.