Providence Resources provides technical updates on Barryroe and Newgrange licences
Tuesday, Oct 31, 2017
Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company (the “Company”), is providing technical updates regarding Standard Exploration Licence 1/11 (‘Barryroe’) and Frontier Exploration Licence 6/14 (‘Newgrange’) at the Atlantic Ireland 2017 Conference in Dublin.

Providence is presenting its plans for the Phase 1 drilling of the 48/24-K well and associated side-track in the North Celtic Sea Basin, which is c. 5 km SSE and c. 200’ up-dip from the 48/24-10z well on the East Flank of the Barryroe field. This Phase 1 drilling programme, which is currently targeted to take place during H2 2018/H1 2019 (subject to consents) is estimated to cost c. $25 million gross (c. $20 million net to Providence). The 48/24-10z well, which was drilled in 2011/12, tested c. 4,000 BOEPD of light (43o API) sweet crude from the basal Wealden A Sand reservoir interval. These two new well penetrations are designed to provide further definition around structure, reservoir, fluid phase, connectivity and resource estimates, thereby materially moving the Barryroe East Flank project towards development. The Phase 1 programme is targeting an estimated 463 MMBO STOIIP, with 162 MMBO REC (Rf = 0.35).

At the Conference, Providence is also presenting its site survey plans for the 62/07-A Newgrange exploration well, which is situated between the southern Porcupine and Goban Spur Basins. Site survey planning activities have already kicked off with offshore surveying expected to commence summer 2018 (subject to consents). These activities are designed to ready the Newgrange prospect for potential exploration drilling during 2019 or 2020.

Both presentations are available for download below.

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