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Providence Resources kicks off Druid-Drombeg exploration well

The Druid-Drombeg well is targeting prospects that have been estimated in the order of 5bn barrels

Offshore oil operations, Ireland
Drilling is now underway

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.

READ:Providence Resources unveils two “transformative” commercial deals with French oil giant Total

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.

 

 

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Price: 3.52 GBX

AIM:PVR
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Market Cap: £23.14 m
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