Providence to drill new well at UK site
PROVIDENCE Resources said yesterday it had secured a rig to drill another well at its field in southern England.
In a statement, Providence said the rig would be used to drill a new multi-lateral horizontal production well to the south west of the Singleton field in Sussex.
The well has the potential to provide up to 500 barrels of oil equivalent per day (BOEPD), which would be in addition to the 900boepd produced at the field already.
Drilling will commence later this month and operations will last up to 100 days. As well as the initial well, Providence said a "subsequent lateral is also planned, which should provide a further 4,000ft of gross reservoir exposure".
The new well has been designed to allow production to potentially be increased in the future if required.
Company chief executive Tony O'Reilly said: "This is the third new production well to be drilled at the field in the same number of years and forms the central part of our ongoing field development plan," he said.
"Our past two new production wells have exceeded expectations and we have every confidence that the new well will continue this trend," he said.
Providence closed flat at €2.