Providence Resources Plc ("Providence" or the "Company")
PRODUCTION COMMENCES AT HIGH ISLAND A268
A2 WELL NOW PRODUCING
A1 WELL SCHEDULED TO PRODUCE SHORTLY
Providence, the AIM and IEX listed company, together with the High
Island A268 partners, is pleased to announce first production from
the A2 well at the High Island A268 development in the Gulf of
Mexico, offshore Texas. The A2 well was successfully drilled in July
2007 and met pre-drill expectations with the discovery of two high
quality gas bearing sands. First production from the A2 well
commenced on 5th September. Completion operations are currently
ongoing on the A1 well, and first production from that well is
expected within the next week or so. Providence holds a 5% interest
in High Island A268 and the field is operated by Peregrine Oil and
Gas LLC.
Commenting on the announcement, Mr Tony O'Reilly, Chief Executive
said:
"We are very pleased to announce first production from the A2 well as
it represents a new production area for Providence. The High Island
A268 development programme has been a very positive one for
Providence since we announced the initial gas discovery in January.
This project has been advanced on time and within budget. We now look
forward to the A1 well coming on stream later this month".
Contacts:
Providence Resources Plc Tel: +353 1 219 4074
Tony O'Reilly Jnr., Chief Executive
Powerscourt Tel: +44 (0) 207 250 1446
Matt Ridsdale / Elizabeth Rous
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester
Notes to Editors
About Providence
Providence Resources Plc is an independent oil and gas exploration
company listed on the AIM market in London and on Dublin's IEX
market. The Company was founded in 1997, but with roots going back to
1981 when it predecessor company, Atlantic Resources Plc was formed
by a group of investors led by Sir Anthony O'Reilly.
Providence's active oil and gas portfolio includes interests in
Ireland (offshore), the United Kingdom (onshore and offshore), the
United States (offshore) and West Africa (offshore Nigeria).
Providence's portfolio is balanced between production, appraisal and
exploration assets, as well as being diversified geographically.
Comprehensive information on Providence and its oil and gas
portfolio, including all press releases, annual reports and interim
reports are available from Providence's website at
www.providenceresources.com
About High Island A 268
High Island A-268is located in the south central area of the Gulf of
Mexico. Partners in the High Island A-268 block include Peregrine
(Operator), Challenger Minerals Inc.(part of the GlobalSantaFe
Corporation), RP Joint Venture (which comprises Reeder, HRB Oil&
Gas), Pruet Offshore, Warren American Offshore, HDO Gulf Energy,and
Cottesloe Oil & Gas.
The A1 well, was drilled in the December 2006 through January 2007
period in 165 feet of water using the TODCO 207 jack-up drilling
unit. The well was drilled to a deviated total depth of 8,172 ft
TVDSS. The well was drilled on a Tertiary-aged gas-condensate target
with pre-drill most likely recoverable resource estimate of 10 BSCFE.
The OCS-G 22268 A2 exploration well, was drilled in 165 feet of water
from the newly installed High Island A268 'A' platform using the
Todco 250 jack-up drilling unit.
The A2 well TD bottom hole location is approximately 1 mile east of
the A1 well discovery, announced in January 2007. Drilled to a
deviated total depth of 6,863 ft TVDrkb, the A2 well was targeting
new potential gas accumulations, with pre-drill gross recoverable
volumes estimated at between 3.5 to 5.8 BSCFG.
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