Providence secures rig for Hook Head drilling

Offshore Staff

DUBLIN, Ireland -- Providence Resources has secured a semisubmersible rig for its drilling program in the Celtic Sea during the summer of 2008.

Under the terms of the agreement, Providence, on behalf of the Celtic Sea partners, has hired the Transocean semisubmersible rig, the GSF Arctic 2. The contract includes two firm wells plus an option on a third well. The drilling program will further appraise the Hook Head oil accumulation.

Depending on the outcome of this appraisal program, the partners may drill a further appraisal well on the adjacent Dunmore East 50/6-1 oil discovery, located north of the Hook Head accumulation.

"The importance of this drilling program cannot be overstated," says Tony O'Reilly, Providence Resources' chief executive. "With further appraisal success, it should not only allow us to continue to build on the discovery of the Hook Head oil accumulation but also allow us to advance the development potential of the many other undeveloped discoveries in the Celtic Sea region."

02/18/2008