Providence Resources PLC (LON:PVR) has confirmed that drilling operations have now begun for the Druid/Drombeg exploration well which is targeting some 5bn barrels offshore Ireland.
It is expected to be a high impact exploration programme, if the well successfully confirms the prospects seen in pre-drill analysis.
The Stena IceMAX deep-water drillship is contracted for the programme, and operations have now begun after the Minister of Communications, Climate Action and Environment gave consent on July 11.
Providence told investors that a further update will be provided once the Druid prospect has been penetrated, or as appropriate, drilling is then planned to continue down to the underlying Drombeg prospect.
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The Irish oil firm has a 56% stake in the well, alongside its partner Cairn Energy which owns 30% and Sosina Exploration which has 14%. French major Total has an option to acquire a 35% stake in the project.