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Landmark year for Providence Resources

By BFN News | 07:45 AM | Thursday 20 December, 2012


2012 was a landmark year for Providence Resources, the Irish oil and gas exploration, appraisal and development company. During 2012, operations on the first well in the Company's multi-well, multi-year drilling programme offshore Ireland were successfully completed. This drilling programme, which represents the largest and most comprehensive concerted drilling operations offshore Ireland, represents an investment of up to $500 million by Providence and its partners in a number of exploration and development/appraisal wells in six different basins offshore Ireland. The first of six wells to be drilled in this programme was successfully drilled and subsequently tested in March 2012 at the Barryroe oil field in the Celtic Sea Basin. Plans are in place for three further wells to be drilled in 2013 at Spanish Point and Dunquin, with the potential to open up Ireland's Atlantic margin, and in the Kish Bank Basin. A further two wells are planned to be drilled in 2014 in the Rathlin Basin and at Dragon in the St. George's Channel Basin. Story provided by StockMarketWire.com

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