Providence outlines Ireland drilling program

Providence has contracted the semisubmersible drilling rig GlobalSantaFe Arctic 2 for a two firm plus one option well program in the North Celtic Sea basin, offshore southern Ireland. Drilling is expected to begin in August 2008.

Offshore staff

DUBLIN, Ireland -- Providence has contracted the semisubmersible drilling rig GlobalSantaFe Arctic 2 for a two firm plus one option well program in the North Celtic Sea basin, offshore southern Ireland. Drilling is expected to begin in August 2008.

The drilling program was decided following the evaluation of data collected during the company's 50/11-3 oil discovery on the Hook Head structure. Post-drill analysis by Providence suggests resources of up to 60 MMbbl of oil recoverable based on a STOIIP of 390 MMbbl of oil. A number of appraisal well locations have been identified across the Hook Head structure. The northwest sector will be the first to be evaluated as part of the 2008 program.

The results from the initial well will be used to decide the location of all subsequent wells in the 2008 program, the company says.

According to Providence, studies in the Celtic Sea have highlighted significant oil potential in an adjacent discovery known as Dunmore, which is located in blocks 50/6 & 7. The 50/6-1 Dunmore discovery well flowed at 2,100 b/d of 44° API oil from Jurassic sands and updated mapping has revealed an optimal appraisal well location on the structure some 500 ft (152 m) up-dip from the original well, the company says.

A site survey has been acquired for the location and well planning is being finalized. Providence's re-analysis of existing seismic data, together with a re-evaluation of the drill stem test data from the discovery well, suggest that the main structure contains contingent resources of 18 MMbll of oil.


06/19/2008

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