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    2011 Celtic Sea Drilling Update

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    keven
    Providence Resources provides an update on its upcoming drilling program in the Celtic Sea offshore Ireland. The Barryroe partners have been granted an increased licence over the Barryroe oil discovery and have committed to drilling at least one well. The 48/24-J appraisal well location and program have been finalized using new 3D seismic data. Drilling is expected to start in mid-November using the GSF Arctic III rig, arriving from the North Sea. The well aims to test commercial flow rates of 1,800 barrels of oil per day from Cretaceous reservoirs previously tested at over 1,500 barrels per day.

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    2011 Celtic Sea Drilling Update

    Uploaded by

    keven
    44 views2 pages
    Providence Resources provides an update on its upcoming drilling program in the Celtic Sea offshore Ireland. The Barryroe partners have been granted an increased licence over the Barryroe oil discovery and have committed to drilling at least one well. The 48/24-J appraisal well location and program have been finalized using new 3D seismic data. Drilling is expected to start in mid-November using the GSF Arctic III rig, arriving from the North Sea. The well aims to test commercial flow rates of 1,800 barrels of oil per day from Cretaceous reservoirs previously tested at over 1,500 barrels per day.

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    barryroe-selawardanddrillingupdate-october2011

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    Providence Resources provides an update on its upcoming drilling program in the Celtic Sea offshore Ireland. The Barryroe partners have been granted an increased licence over the Barryroe oil discovery and have committed to drilling at least one well. The 48/24-J appraisal well location and program have been finalized using new 3D seismic data. Drilling is expected to start in mid-November using the GSF Arctic III rig, arriving from the North Sea. The well aims to test commercial flow rates of 1,800 barrels of oil per day from Cretaceous reservoirs previously tested at over 1,500 barrels per day.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    44 views2 pages

    2011 Celtic Sea Drilling Update

    Uploaded by

    keven
    Providence Resources provides an update on its upcoming drilling program in the Celtic Sea offshore Ireland. The Barryroe partners have been granted an increased licence over the Barryroe oil discovery and have committed to drilling at least one well. The 48/24-J appraisal well location and program have been finalized using new 3D seismic data. Drilling is expected to start in mid-November using the GSF Arctic III rig, arriving from the North Sea. The well aims to test commercial flow rates of 1,800 barrels of oil per day from Cretaceous reservoirs previously tested at over 1,500 barrels per day.

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    of 2

    Embargo: 7:00am

    19th October 2011

    2011 CELTIC SEA DRILLING UPDATE


    Standard Exploration Licence 1/11 granted over an increased Barryroe area
    Well programme finalised using new fast-track 3D seismic data
    GSF Arctic III rig expected to commence drilling operations in November
    Providence Resources P.l.c., (Providence) the London (AIM) and Dublin (ESM) listed oil and gas
    exploration and production company, is pleased to provide an update on its upcoming appraisal drilling
    programme in the North Celtic Sea Basin, offshore southern Ireland.

    The Barryroe partners have been awarded Standard Exploration Licence 1/11 (Licence) over the
    Barryroe oil discovery by the Irish Minister for Communications, Energy and Natural Resources, Pat
    Rabbitte TD, for a period of up to six years, split into two three year phases. This Licence is a
    successor authorisation to Licensing Option 08/1. The areal extent of the Licence has been
    increased by approximately 9% (c. 25 sq km) to cover additional acreage with identified resource
    potential. The partners have committed to the drilling of at least one well during the first phase,
    which will be fulfilled by the upcoming 48/24-J well. Providence holds a 50% interest in the Licence
    and operates on behalf of its partners San Leon Energy Plc (30%) and Lansdowne Oil & Gas Plc
    (20%).

    The 48/24-J well location and programme have been finalised using a fast-track 3D seismic volume.
    The planned well will offset and primarily appraise the previous Marathon Oil operated 48/24-3
    (1990) well, which tested c. 45o API light sweet oil at c. 1,600 BOPD from Base Cretaceous sands.
    Using the latest technology, the 48/24-J well is planned to acquire a modern set of wire-line logs,
    together with an orientated conventional core through the primary objective. These new data will
    be important in understanding the reservoir architecture, inverting the 3D seismic volume and
    defining the resource base for this reservoir interval. In addition, it is planned to test the well using
    vacuum insulated tubing (VIT), which has proven to be key when dealing with high pour point crudes
    such as those seen in the original well. Data in overlying secondary objectives will also be acquired
    as these have tested at rates of c. 1,500 BOPD from two previous wells on the Barryroe structure.
    The objective will be to demonstrate commercial flow rates of 1,800 BOPD or better from this
    vertical well.

    Providence now expects to commence drilling operations on the 48/24-J Barryroe appraisal well in
    mid-November 2011. Providence and its partners are awaiting the delivery of the GSF Arctic III rig,
    which is currently finishing a work programme for another operator in the North Sea. Pre-spud
    activities for the Barryroe well have already commenced, with tangible item mobilisation and other
    logistics activities progressing to plan.
    1

    Commenting on the news, Tony OReilly, Providences CEO, said:


    This appraisal well is the first in Providences multi-well, multi-year drilling programme. In addition to being
    a very important confirmation well for the future development of the Barryroe oilfield, this well also heralds
    the renaissance of major drilling activities offshore Ireland. As the first well in more than twenty years to be
    drilled on this accumulation, we are fortunate to be able to avail of todays technology and market
    conditions to advance this project and in doing so, endeavour to deliver the first commercial oil
    development offshore Ireland. We look forward to updating shareholders on the progress of this
    programme over the coming months.
    CONTACTS:
    Providence Resources Plc
    Tony OReilly

    Tel: +353 (0)1 219 4074

    Powerscourt
    Rob Greening/Lisa Kavanagh

    Tel: +44 (0)207 250 1446

    Murray Consultants
    Pauline McAlester

    Tel: +353 (0)1 498 0300

    Cenkos Securities Plc


    Adrian Hargrave/Nick Wells

    Tel: +44 (0)207 397 8900

    J&E Davy
    Eugenee Mulhern/Stephen Barry

    Tel: + 353 (0)1 679 6363

    ABOUT PROVIDENCE
    Providence Resources Plc is an Irish based oil and gas exploration company listed on the AIM market in London and on Dublins
    ESM market. Providences portfolio of production, appraisal and exploration assets includes licence interests in Ireland (offshore)
    and the United Kingdom (onshore). In 2011, Providence announced plans to invest with its partners upwards of $500 million in
    the drilling of a number of exploration and development wells in 6 different basins offshore Ireland. This multi-year programme
    represents the largest drilling campaign ever carried out offshore Ireland. www.providenceresources.com.
    ABOUT BARRYROE
    The Barryroe licence lies directly below the Seven Heads Gas Field and has been successfully tested at flow rates of between
    1,300 and 1,600 BOPD, from three exploration and appraisal wells. The reservoir sands are of Cretaceous Middle and Lower
    Wealden age located between c. 4,500 TVDSS and 7,550 TVDSS. The oil is light (30 to 42 degrees API) and contains relatively
    high wax content ranging from 12 to 22 per cent, which may require treatment at surface. Providence holds a 50% interest in the
    licence and operates on behalf of its partners San Leon Energy Plc (30%) and Lansdowne Oil and Gas Plc (20%).A third party
    audit carried out by RPS Energy for Lansdowne Oil & Gas plc indicated P50 and P10 STOIIP estimates for Barryroe of 373
    MMBO and 893 MMBO, respectively. The corresponding 2C and 3C Barryroe technically recoverable contingent resources are
    59 MMBO and 144 MMBO, respectively. Providence entered into a MOA with Shell Trading and Marketing to agree an oil offtake agreement for future Barryroe oil production.
    ANNOUNCEMENT
    This announcement has been reviewed by John OSullivan, Technical Director, Providence Resources P.l.c. John holds a B.Sc. in
    Geology from University College Cork, Ireland, an M.Sc. in Applied Geophysics from the National University of Ireland, Galway
    and a M.Sc.in Technology Management from The Smurfit School of Business at University College Dublin. John is presently
    working part-time on a PhD dissertation at Trinity College, Dublin. John has worked in the offshore business for 20 years and is a
    fellow of the Geological Society of London and member of The Petroleum Exploration Society of Great Britain. Definitions in this
    press release are consistent with SPE guidelines.
    SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement

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