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Providence Resources to begin drilling Barryroe well in mid-November

ProActive Investors

Oil and gas explorer Providence Resources (LON:PVR) announced today that it expects to begin drilling operations on its 48/24-J Barryroe appraisal well in mid-November now that the well location and programme have been finalised using new fast-track 3D seismic data.

Meanwhile, the firm said that it and its partners in the Barryroe project - located in the north Celtic Sea - have been awarded Standard Exploration Licence 1/11 over the oil discovery by the Irish minister for energy and natural resources, Pat Rabitte TD, for a period of up to six years.

The planned well will offset and primarily appraise the previous Marathon Oil-operated 48/24-3 (1990) well, which tested light sweet oil of approximately 45 degrees API at around 1,600 barrels of oil per day from Base Cretaceous sands. Using the latest technology, the 48/24-J well is planned to acquire a modern set of wire-line logs, together with an orientated conventional core through the primary objective.

The objective will be to demonstrate commercial flow rates of 1,800bopd or better from the well.

“This appraisal well is the first in Providence's multi-well, multi-year drilling programme. In addition to being a very important confirmation well for the future development of the Barryroe oilfield, this well also heralds the renaissance of major drilling activities offshore Ireland.”

The new six-year licence covering Barryroe is split into two three-year phases and is a successor to licensing option 08/1. The areal extent of the licence has been increase by approximately nine per cent to cover additional acreage with identified resource potential.

Providence holds a 50-per cent interest in the licence, while San Leon Energy and Lansdowne Oil & Gas (LON:LOGP) hold interests of 30 per cent and 20 per cent respectively. Lansdowne’s chief executive officer, Steve Boldy, commented this morning: “The award of Standard Exploration Licence 1/11, brings the number of licences held by Lansdowne in the shallow water North Celtic Sea Basin to five. These licences, along with Licensing Option 09/1, cover close to 500,000 acres held by Lansdowne in this underexplored basin with proven petroleum systems. We believe the application of 3D seismic will provide the key to unlocking the potential of the basin and we look forward to the drilling of the Barryroe appraisal well in November."

Posted Date: 
19 October 2011