Providence has been advised that Island Oil and Gas plc has taken delivery of the semi-submersible drilling rig, Petrolia, which they have secured for operating their summer drilling program. As per its agreement with Island, Providence and its partners now expect to take delivery of the Petrolia rig at the beginning of August 2007, when a 50-day drilling program over Hook Head in the Celtic Sea will commence.
Commenting on today's announcement, Tony O'Reilly Jnr., Chief Executive of Providence Resources P.l.c., said:
'I am pleased that we have now successfully completed our site surveys and that all aspects of the summer drilling program can now be finalized. This will be a very exciting period for Providence and I look forward to updating you further over the next few months.'
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