Providence Boosts Singleton Oil Production
Providence Resources reports that its new X-8x production well has successfully been brought on stream in the Singleton oilfield, onshore UK. This is additional to the X-9 well, which was successfully brought on stream in December 2005.
The field, in which Providence holds a 20% equity interest, is operated by Star Energy Plc and is located within the Weald Basin in the South of England. These new horizontal wells were designed to develop reserves not presently accessed by the existing revenue generating production wells. The pre-drill production objectives have now been achieved, with the average daily field production now increased by circa 200 BOPD from circa 440 BOPD to circa 640 BOPD.
Whilst the two new wells were only drilled to half their planned length, they have already added approximately 50% of incremental daily oil production to the field. In addition, the Singleton Field partners are presently assessing a number of well intervention options which should further improve the performance of these new wells.
Tony O'Reilly Jr., CEO of Providence commented:
"We are delighted at the outcome of our enhanced Singleton development drilling program, which has resulted in a measurable increase in daily production. This result, combined with our recently announced Macquarie production financing facility, means that we are well positioned to pursue our objective to increase our daily oil production."
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