Providence Wraps Up Drilling Operations at Onshore UK's Singleton

Providence Resources has successfully completed drilling operations on the L99/02-SWD (SNX-10) development well at its Singleton Field in the Weald Basin, onshore United Kingdom. This new development well was drilled to a total measured depth (MD) below rotary table of 13,001 ft (4,158 ft true vertical depth subsea) using the Larchford Drillmaster 1 drilling rig.

The SNX-10 development well targeted two Middle Jurassic intervals which form the primary reservoirs for the Singleton Field. Initial
interpretation of the well log data demonstrate that the well has encountered a total cumulative net reservoir section of c. 1,060 ft MD. Analysis of the log results confirm that both reservoir zones are hydrocarbon bearing. Reservoir quality is in line with pre-drill expectations, however 'sweet spots' exhibiting logged porosities of up to 21% were encountered. This well is the first on the field to be geo-steered with the total well length and trajectory being refined during drilling using real-time down-hole data. This technology allowed for the optimization of the well path as the hydrocarbon bearing reservoir intervals were being drilled.

The SNX-10 well is currently being completed for production and will be brought on-stream over the coming 4-6 weeks at which time the
company will update the market on well performance.

Current production from the field is c. 500 BOPD and c. 1.2 MSCFGD* (c. 700 BOEPD) from six wells. Providence holds a 99.125% interest and operates the Singleton Field, with Noble Energy holding the remaining 0.875%.

Speaking today, Tony O'Reilly, Chief Executive of Providence, said, "This is a great result for Providence. The drilling of the SNX-10 well is an important technical achievement for Providence, demonstrating our ability to effectively target reservoir sweet spots utilizing complex geological modeling in tandem with extended reach well design. The initial review of the well data suggest better results than had been anticipated, though we will need to bring the well into production before we can confirm whether the flow rates will exceed our pre-drill modeling. We are now moving forward to complete the well and bring it into immediate production.

"We are particularly pleased with this well as it represents the first major activity in our field re-development programme at Singleton and
it gives us even greater confidence for future field development with the resultant potential for further production increases."