Providence Resources P.l.c., the Irish oil and gas exploration and development company, whose shares are listed in London (AIM) and Dublin (IEX), announces that Providence and its three partners have made a new non-operated gas discovery on Galveston Island Block A-155 in the U.S. Gulf of Mexico. It is planned that this new field, which is located c. 100 kilometres off the US coast and in which Providence holds a non-operated 10.8% working interest, will undergo a fast-track development via nearby existing infrastructure. Initial evaluation suggests that the well results have exceeded the expected pre-drill upside prognosis, which had an associated resource estimate of c. 13 BSCF REC. First production from the field is being fasttracked and the operator has already secured access to third party infrastructure as part of the plan of development.
Tony O’Reilly Jnr., Chief Executive of Providence, said:
”We are very pleased to have had continued success in our Gulf of Mexico drilling programme. This Galveston Island project is part of Providence’s stated objective to increase its daily production rates and we are delighted that the consortium is planning to move ahead with a fast track development.”
