• Initial production in line with expectations
• Accesses new areas in oilfield
• Consistent with Providence's stated strategy of increasing daily oil production
Providence Resources Plc reports that the X-9 production well has been successfully brought on stream in the Singleton oilfield, onshore UK and that the X-8x well is expected to be brought on stream later this week.
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 revenuegenerating production wells. The wells which involved the application of extended reach technology were drilled utilising the Marriott-7 drilling unit.
The objective was to increase daily oil production by between 50% to 100%.
Tony O’Reilly Jnr., CEO of Providence commented:
“We are delighted at the initial outcome of our 2005 Singleton development drilling programme as it heralds an important step in our objective to increase our daily oil production."
