Providence Set to Begin Hook Head Drilling

Providence Resources P.l.c. will commence appraisal drilling on its Hook Head Project in the Celtic Sea later this summer, the company announced at its annual general meeting in Dublin Wednesday. The company also informed shareholders of its activities and future plans, including:

--Providence has agreed to acquire the majority of the producing Singleton field, onshore UK, thereby improving the company's future production cash flow.
--The High Island A-268 Gas Project in the Gulf of Mexico is on schedule for start-up in production in August.
--The next stage of the AJE Project in Nigeria is anticipated to be announced in the coming months, including plans for future drilling (subject to rig).
--Providence, together with its partners, ExxonMobil and Sosina, was awarded 15 new blocks in the Goban Spur, offshore Ireland, further demonstrating the attractiveness of the exploration potential of the Atlantic Margin.
--Providence has enhanced its financial resources with a recent 25.7 million placing of shares. This, together with the previously announced 50 million revolving credit facility with Macquarie Bank, ensures that that the company has the necessary financial resources to execute its corporate objectives.

All resolutions proposed for consideration at Wednesday's AGM were approved by shareholders. Addressing shareholders, Dr. Brian Hillery, Chairman of Providence, said:

"This has been a productive year for Providence. The company continues to pursue a portfolio strategy focusing on international development and exploration. I am particularly pleased with the prospect of the imminent drilling program at Hook Head, which marks a major milestone for Providence. I believe Providence is now extremely well placed to develop, and ultimately, capitalize on its extensive asset portfolio."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Well Monitoring Specialist
Expertise: WellSite Supervisor
Location: Houston, TX
Chief Mechanic (6th Gen Drillship)(Contract)
Expertise: Rig Mechanic
Location: Houma, LA
ET (Deepwater Drillship)
Expertise: Rig Electrician
Location: Houma, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours