Providence Resources kicks off Druid-Drombeg exploration well
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.
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.