Providence Resources PLC
07 November 2005
7 November 2005
Providence Resources plc
UPDATE ON SINGLETON DRILLING
•Completes 2005 development drilling programme
•Accesses new areas in oilfield
•Consistent with Providence's stated strategy of increasing daily oil
production
Providence Resources Plc ('Providence' or 'the Company') is today pleased to
announce that it has successfully completed its 2005 development drilling
programme on the Singleton oilfield, onshore UK.
The field, in which Providence holds a 20% equity interest, is operated by Star
Energy Plc and is located within the Weald Basin in the South of England. The
drilling programme, which comprised two horizontal wells (X-8x, X-9), was
designed to develop reserves not presently accessed by the existing
revenue-generating production wells. These new wells, which were drilled
utilising the Marriott-7 drilling unit, are now expected to be tested and
brought on-stream in the coming weeks.
The Singleton X-8x well is situated on the northern flank of the field and a
2,000 foot horizontal section was drilled and completed in the Cornbrash and
Forest Marble sequences. These units, which lie above the main reservoir in the
field, are presently not in production though they are known to be oil-bearing.
The Singleton X-9 well was designed to probe the main Great Oolite reservoir in
the southwest flank of the field. The Operator believes that the extended-reach
Singleton X-9 well broke the record for the longest 8.5' hole section drilled
onshore UK. The 8.5' hole section was drilled from 1,142 feet to 9,282 feet, a
length of 8,140 feet. The well has been TD'd at 9,831 feet in 6' hole.
Tony O'Reilly Jnr., CEO of Providence commented:
'I am pleased that we have now completed the drilling programme at Singleton as
it is an important step in our objective to increase our daily oil production.
This was a significant and complicated drilling operation that was well executed
by the Operator. We now look forward to bringing both these production wells
on-stream in the near future.'
Contacts:
Providence
Tony O'Reilly Jnr. Chief Executive Tel: +353 1 667 5740
Powerscourt Tel: +44 (0) 207 2365615
Rory Godson Mob: +44 (0) 7909 926020
Victoria Brough Mob:+44 (0) 7967 044840
Murray Consultants
Pauline McAlester Tel: +353 1 498 0300
NOTES TO EDITORS
About the Singleton Oilfield
The Singleton oilfield is situated onshore UK in the Weald Basin, West Sussex.
Providence holds a 20% equity interest in the field, which is operated by Star
Energy Plc. The field, which contains good quality oil in Jurassic-aged
carbonate reservoirs is thought to contain approximately 74 MMBO STOIIP. At
present four wells are producing approximately 400 BOPD and the total production
to date has been approximately 3 MMBO. In addition to the oil production, the
Singleton partners utilise produced gas from the field in power generation which
is sold to local users and which generates further revenue streams from the
field.
Participating interests in the Singleton field are:
Star Energy UK Onshore Limited (Operator) 79.125%
Providence Resources P.l.c. 20.000%
Noble Energy (Europe) Limited 0.875%
About Providence Resources Plc
Providence's active oil and gas portfolio includes interests in Ireland
(offshore), the UK (onshore and 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
the AIM Admission document, Annual Report 2004 and Interim Report 2005 are all
available from Providence's website at www.providenceresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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