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Providence Resources says 2013 a year of steady progress

By BFN News | 07:58 AM | Thursday 19 December, 2013


Providence Resources said 2013 has been a year of steady progress for the company. The Irish oil and gas exploration and appraisal company's shares are quoted in London (AIM) and Dublin (ESM). The Company's operations were focussed on progressing its multi-well drilling programme offshore Ireland, in particular, the Barryroe oil field and the drilling of the Dunquin exploration prospect, which comprised the first and second wells respectively in the programme. This is the largest and most comprehensive concerted drilling operation offshore Ireland and represents an investment of up to $500 million by Providence and its partners in a range of exploration and appraisal/development wells spread across six different basins. Pre-drill operations are currently underway for the four remaining wells to be drilled during 2014 and 2015 at Spanish Point, Dragon, Polaris and Kish Bank. During the year, the Company consolidated its acreage portfolio offshore Ireland with: the award of the new Silverback Licensing Option in the South Celtic Sea Basin; applications being made to convert the Spanish Point South, Drombeg and Newgrange Licensing Options into exploration licences; and Lease Undertaking applications being made for Helvick, Hook Head and Dunmore. The Company has also continued to attract new partners to offshore Ireland, most notably with the arrival of Cairn Energy as Operator at Spanish Point, and ABT Oil and Gas at Helvick and Dunmore. Story provided by StockMarketWire.com

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