Business

Tuesday 12 December 2017

Providence to sink appraisal well

Providence is to drill an appraisal well
Providence is to drill an appraisal well
Sarah McCabe

Sarah McCabe

Drilling of an appraisal well to assess the commercial viability of gas found at Providence Resources' Spanish Point field off the west coast has been scheduled for the first half of next year.

The news comes after the Government approved an application by Edinburgh-headquartered firm Cairns that allows it join in on the operation of several of the licences off the west coast.

Cairns now has a 38pc working interest in two licences and one licensing option in the Porcupine Basin alongside Providence, which has 32pc, and UK company Chrysaor (26pc stake).

Spanish Point is the third of six wells being drilled by Providence off the Irish coast, on top of its Barryroe appraisal well in the Celtic Sea and the Dunquin exploration well. It was originally discovered in 1981 by Philips Petroleum but was not developed because of the lack of gas infrastructure at the time. Chrysaor has estimated there is about 200 million cubic feet of gas recoverable at the site.

The well is the third of six wells drilled as part of Providence's Irish multi-well drilling programme.

Indo Business

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business