Providence Resources Plc has announced that its new X-8x production well has successfully been brought on stream in the Singleton oilfield, onshore UK. This is additional to the X-9 well, which was successfully brought on stream in December 2005.
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. These new horizontal wells were designed to develop reserves not presently accessed by the existing revenue generating production wells. The pre-drill production objectives have now been achieved, with the average daily field production now increased by circa 200 bopd from circa 440 bopd to circa 640 bopd.
Whilst the two new wells were only drilled to half their planned length, they have already added approximately 50% of incremental daily oil production to the field. In addition, the Singleton Field partners are presently assessing a number of well intervention options, which should further improve the performance of these new wells.
Tony O'Reilly Jnr., CEO of Providence commented, "We are delighted at the outcome of our enhanced Singleton development drilling programme, which has resulted in a measurable increase in daily production. This result, combined with our recently announced Macquarie production financing facility, means that we are well positioned to pursue our objective to increase our daily oil production."
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 ~74 mmbo stooip. With the recently completed X-9 and X-8x wells, there are presently six wells producing ~640 bopd and the total production to date has been ~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.
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. The Singleton X-9 well was drilled in the main Great Oolite reservoir in the southwest flank of the field
The participating interests in the Singleton field are, Star Energy UK Onshore Limited (operator) 79.125%, Providence Resources Plc 20% and Noble Energy (Europe) Limited 0.875%.
