Drilling starts at Por­cu­pine

Irish Independent - Business Week - - BUSINESSWEEK -

PROVIDENCE Re­sources, the Ir­ish based Oil and Gas Ex­plo­ration com­pany, has com­menced drilling at its Fron­tier Ex­plo­ration Li­cence (“FEL”) 2/14 lo­cated in the south­ern Por­cu­pine Basin off the south­west of Ire­land.

The li­cence con­tains the Pa­le­ocene “Druid”, Lower Cre­ta­ceous “Drombeg” and pre-Cre­ta­ceous “Di­ablo” prospects.

The site is op­er­ated by Providence Re­sources on be­half of its part­ners Capricorn Ire­land (a wholly-owned sub­sidiary of Cairn En­ergy) and Sosina Ex­plo­ration, col­lec­tively re­ferred to as the “JV Part­ners”.

Drilling op­er­a­tions are ex­pected to take be­tween 45 and 60 days, in which both the Druid ex­plo­ration tar­get (prospec­tive re­sources of 3.180 bil­lion bar­rels of oil) and the Drombeg ex­plo­ration tar­get (prospec­tive re­sources of 1.915 bil­lion bar­rels of oil) will be drilled by a sin­gle ver­ti­cal well.

The JV Part­ners have con­tracted the Stena “IceMAX” deep­wa­ter drill­ship to drill the 53/6-A well in FEL 2/14 to eval­u­ate the ver­ti­cally-stacked Pa­le­ocene Druid and Lower Cre­ta­ceous Drombeg ex­plo­ration prospects.

The drill­ship is con­tracted at a cost of $185,000 per day to drill the well.

Providence, which cur­rently holds an in­ter­est in 10 li­cens­ing au­tho­ri­sa­tions, said that a fur­ther op­er­a­tional up­date will be pro­vided once the Pa­le­ocene Druid prospect has been pen­e­trated or as ap­pro­pri­ate.

The Stena ‘IceMAX’ deep-wa­ter drill­ship will be used

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