Providence Begins Drilling Singleton Well

Providence commenced drilling a new well Wednesday, December 7th at the Singleton field, onshore UK. The Singleton field is located in the Weald Basin and currently produces up to c. 900 BOEPD. The field is operated by Providence (99.125%), with partner Noble Energy (0.8725%).

The drilling program, using the KCA Deutag T49 drilling rig, 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. 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 acid stimulation, thereby providing further incremental production potential.

Tony O'Reilly, Chief Executive of Providence said, "This is a very busy and exciting time for Providence with the commencement of this onshore drilling program in the UK as well as the ongoing offshore drilling program at the Barryroe oil discovery, offshore Ireland, which is proceeding according to plan.

"This well at Singleton is the third new production well to be drilled over the past 3 years and it forms a central part of our ongoing field development plan, which should see 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. We look forward to updating the market on the progress from this program over the coming months."