LONDON (Alliance News) - Providence Resources PLC said Tuesday that its drilling plans for 2015 are advancing well across its portfolio, in a statement released at its annual general meeting.
The company said that it had seen "another extremely busy year" across its Irish offshore acreage portfolio. The farm-out progress for the Barryroe oil field is nearing completion, it said, and it had seen encouraging results form the post-well analysis of the Dunquin North exploration well.
Its Spanish Point partners are looking for a rig for 2015 drilling, and it also progressing its Barryroe pre-development drilling plans for next summer.
It has appraisal drilling by a third party operator on the onshore part of the Rathlin Basin planned for the first quarter of 2015, which it said will have a significant impact on the future drilling of its Polaris oil prospect.
Its shallow water Kish Bank oil prospect, offshore Dublin, is drill-ready, and Providence Resources said that it is continuing to pursue the required consents to proceed with operations at the prospect.
Providence Resources said it has also discussed a phased development approach to its Dragon gas field with both UK and Irish regulators.
"We will continue, on behalf of shareholders, to identify and realise the potential that exists offshore Ireland and we look forward to updating shareholders on our activities during the months ahead," said Chief Executive Tony O-Reilly in the statement.
Shares in Providence Resources were trading flat at 117.00 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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