Wednesday 21 February 2018

Providence drilling at Druid Drombeg completed

The Stena’s IceMAX ship
The Stena’s IceMAX ship
Ellie Donnelly

Ellie Donnelly

Irish based oil and gas exploration company Providence Resources has today confirmed that the Stena “IceMAX” deep-water drillship, which was used to drill the Druid Drombeg well, has now completed all requisite P&A operations and departed from the site.

The ship was contracted at a cost of $185,000 per day to drill the well.

In August Providence confirmed that a well drilled at its Druid prospect had shown it was filled with water, in what Tony O'Reilly, CEO of Providence referred to as a "disappointing" result.

Read more: In Providence's hands: O'Reilly Jr's hunt for oil is reignited

The Druid site is operated by is operated by Providence Resources on behalf of its partners Capricorn Ireland, a wholly owned subsidiary of Cairn Energy PLC, which has a 30pc share in the project, and Sosina Exploration, which has a 14pc share in the project, collectively they are referred to as the "JV Partners".

Since the start of August shares in Providence have fallen by more than 70pc.

However speaking earlier this month Mr O’Reilly said that the company remained "well funded" for its forward drilling operations off the Irish shore, with Barryroe being planned as its next well.

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