Providence Expects to Drill Druid Prospect in Summer 2017

Ireland-based oil and gas exploration company Providence Resources plc confirmed Thursday that it expects the Druid prospect, located in FEL 2/14 in the southern Porcupine Basin offshore Ireland, to be drilled in summer 2017.

Providence revealed Thursday that an invitation to tender for the Druid rig contract has now formally been issued to the market. The announcement follows news that Senergy Wells Limited, a wholly owned subsidiary of Lloyds Register, has been appointed to provide integrated well management services for the planned 2017 Druid drilling program.

The detailed well engineering and design for the 2017 Druid exploration well is continuing with the well currently being designed to hit a depth of around 13,779 feet. The asset is also being designed to allow for a potential deepening of the well to encounter the underlying vertically stacked Lower Cretaceous Drombeg prospect at 17,060 feet.

The latest cost for the Druid exploration well is now estimated at around $35 million, which compares to the previous estimate of $46 million. Based on the latest market intelligence, according to Providence, the additional cost for the deepening of the well to penetrate the Drombeg prospect amounts to around $15 million.

“Thanks to the support of our shareholders, plus the substantially lower forecast cost profile, we are making solid progress with our planned drilling operations in FEL 2/14 for summer 2017,” said Tony O’Reilly, chief executive of Providence.


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