Providence Resources looks to boost oil and gas production by 40% with 2010 drilling

Irish oil and gas explorer and producer Providence Resources (LON:PVR) has confirmed its 2010 drilling programme at the Singleton field onshore UK, which is currently producing 800 boepd (barrels of oil equivalent per day) from seven production wells.

The programme comprises the sidetracking of the X9 well to a new and more optimal location together with the addition of two new lateral sections to the currently producing X8x well. This could boost the production rate by a further 350 boepd. Additionally, the X9 sidetrack has been designed for future acid fracture stimulation, which the company said provided further incremental potential. Drilling will also evaluate the potential of fracture stimulation and MLT (multi-lateral well technology).

“Following our highly successful 2009 Singleton drilling programme, the 2010 activity is again aimed at materially increasing production...this drilling programme should not only boost daily production rates by over 40%, but it should also allow us to assess the impact of new production technologies at Singleton which are expected to form the cornerstone of our field redevelopment activities during the coming years,” said Chief Executive of Providence Tony O’Reilly.
Providence has secured the BDF-28 drilling rig with a planned spud date during Q3 2010.

The company added that its operations in the Gulf of Mexico had not been disturbed and production rates were unaffected by the ongoing oil spill caused by the explosion of a BP (LON:BP) operated offshore drilling platform.

http://www.proactiveinvestors.co.uk/companies/news/18127/providence-resources-looks-to-boost-oil-and-gas-production-by-40-with-2010-drilling-18127.html