Providence Concludes Drilling Ops at Singleton Field

Providence has completed drilling operations on its new X8v lateral development well, which formed part of its multi-well 2010 drilling program at the Singleton field, onshore UK. The first part of this program involved the successful drilling of the X11 development well, which was completed in November 2010. 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 X8v horizontal development well was drilled as a new lateral to the existing X8x producing 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 10,100' MDBRT (4428' TVDSS) and petrophysical analysis of down-hole log data confirm that the well has encountered 2,414 ft of gross hydrocarbon bearing interval, with 2,316 ft of net pay. Reservoir quality and hydrocarbon saturation within the pay zone are excellent. Both X11 and X8v wells are currently being prepared for production and a further operational update will be provided over the coming weeks.

Commenting, John O'Sullivan, Technical Director of Providence said, "The success of the X8v lateral well has demonstrated our capability to drill multi-lateral wells on the Singleton field, which we believe will be a significant component of future field development planning. The petrophysical logs show that the well has encountered a massive porous hydrocarbon bearing section, in excess of our pre-drill estimates, which is encouraging in terms of future production rates. We now look forward to completing the wells for production over the coming weeks, thereby providing incremental production at Singleton. These production data could significantly increase the potential recoverable reserves in this sector of the field."