Wednesday, June 08, 2011
Providence Resources plc
Providence announced that it has, on behalf of itself and its partners, commenced its 3D seismic acquisition project in the north Celtic Sea, offshore Ireland. The survey, which is expected to be completed within 2 weeks, forms part of the planned pre-development drilling program on the Barryroe oil discovery ("Barryroe"). Providence operates Barryroe (50%) with partners San Leon Energy (30%) and Lansdowne Oil & Gas (20%).
Using a vessel supplied by Polarcus Limited, the 3D seismic survey will be used to assist in the pre-development drilling program designed to progress Barryroe to first oil. The drilling of Barryroe is scheduled to commence late this summer, with the GSF Arctic III semi-submersible rig already contracted for the drilling program. The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe.
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