Providence to Begin Singleton Drilling Program

Providence confirmed its upcoming drilling program at the Singleton field, onshore UK. The Singleton field is located in the Weald Basin and currently produces c. 900 boepd from seven production wells. The field is operated by Providence (99.125%), with partner Noble Energy (0.8725%).

The upcoming drilling program comprises the drilling of a new multi-lateral horizontal production well to the south west, potentially providing up to c. 500 boepd of additional cumulative production. Providence has secured the KCA Deutag T49 drilling rig with a planned spud date later this month. Drilling operations are expected to take up to 100 days and will entail the drilling of a main well-bore of c.16,800 ft length, which should provide upwards of 4,000 ft gross exposure to the hydrocarbon reservoir. A subsequent lateral is also planned which should provide a further 4,000 ft of gross reservoir exposure. In addition, the new well has been designed to allow for future massive acid stimulation, thereby providing further incremental production potential.

Tony O'Reilly, Chief Executive of Providence said, "This is the third new production well to be drilled at Singleton in the same number of years and forms the central part of our ongoing field development plan. This plan sees us boosting production levels to c. 1,500 boepd through a series of initiatives at the field, including new wells, de-gasification of the plant and acid stimulation. To date, our past two new production wells have exceeded production expectations and we have every confidence that this new well will continue this positive trend."