Production
The Company’s current strategy to increase production to an initial target of 2,000 barrels of oil equivalent per day (BOEPD) took a big step forward in the first half of 2007. In April, Providence announced that it had reached agreement to acquire the majority stake (79.125%) of the Singleton field, where the Company has previously held a 20% stake for the past 17 years. This acquisition is a key stepping stone for the Company to achieve its production objectives and should initially contribute to Providence, on a projected annualised basis, over 600 BOEPD*. Further optimisation opportunities, including monetising some of the associated gas production that is currently being flared, will also yield opportunities for increased production volumes, as will the deployment of enhanced oil recovery techniques.
(*including associated gas production)
Reserves
We have no reserve data for this company yet