Providence Completes First Phase of 2010 Drilling Ops at Singleton

Providence has completed drilling operations on its new X11 development well, which forms part of its multi-well 2010 drilling program at the Singleton field, onshore UK. The second part of the program, the drilling of the X8x multi-lateral wells, will now commence. The Singleton field is located in the Weald Basin in the south of England and is operated by Providence (99.125%) with partner Noble Energy (0.8725%).

The X11 horizontal development well was drilled as a sidetrack to the previous X9 production well and targeted potential un-swept reserves in the northern fault block of the Singleton field. The well was drilled to a total measured depth of 9,338 MDBRT (4261' TVDSS) and petrophysical analysis of down-hole log data indicates that the well has encountered 2,081 ft of gross hydrocarbon bearing interval with 1,784 ft of net pay. Both reservoir quality and hydrocarbon saturation within the pay zone exceeded pre-drill expectations. The well is currently being completed for production and the rig will then be moved to the X8x well where two new lateral sections are planned to be drilled from the existing production well. Once drilling operations have been completed, both wells will be brought into production and a further operational update will be provided.

Commenting, John O'Sullivan, Technical Director of Providence said, "The drilling phase of the X11 development well has exceeded our expectations both in terms of operational execution as well as geological outcome. We have managed to drill more reservoir section than was originally planned whilst still being below our budgeted figure for this well. It's a great result for Providence and demonstrates our application of best practice in implementing the X11 program. The down-hole log data look excellent and bode well for the production potential from this sector of the field. Once the well has been completed our attention will switch to the X8x multi-lateral drilling program, which has been designed to assess the reserve potential of the north-west flank of the Singleton field where we believe there may be significant upside."