Providence Secures Semisub for Drilling Program in Celtic Sea

Providence has secured a semi-submersible rig for its well program in the Celtic Sea during the summer of 2011. This forms part of Providence's previously announced multi-year, multi-basin drilling program, offshore Ireland.

Under the terms of the deal agreed, Providence, as Operator, has hired the semi-submersible rig, the GSF Arctic III. The rig contract provides for a minimum 54 day period with options to extend, should the company wish to drill further wells. The primary objective of the 2011 drilling program will be to further appraise the Barryroe oil accumulation. Based on the current rig schedule, the spud date is expected to be late August 2011. Well site surveys were recently successfully completed using the R.V. Celtic Voyager.

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