Providence Resources PLC (LON:PVR) has given investors more details of its new drill plans for the Barryroe project.
The company said in a statement that it plans to drill a new well and a side-track in either the second half of next year or the first half of 2019.
READ: Providence Resources confirms Total farm-in to Avalon project
Barryroe 48/24-K, the new well, will be positioned some 5 kilometres away from the last Barry well, on the east flank of the field.
Phase 1 drilling is targeting some 436mln barrels of oil in place, and it is expected to cost a total of US$25mln, with Providence’s share at around US$20mln.
Providence highlighted that the two planned well penetrations are designed to provide further "definition around structure, reservoir, fluid phase, connectivity and resource estimates" - thereby materially moving the east flank of the Barryroe field towards development.
READ: Providence Resources receives US$5.4mln from Total
Additionally, the company highlighted that it is planning a site survey for the Newgrange exploration area, which is located between the southern Porcupine and Goban Spur Basins, with the operations anticipated in the summer.
The aim is to advance Newgrange for potential exploration drilling, anticipated between 2019 and 2020.