LONDON (Alliance News) - Providence Resources PLC said on Friday the contractor for its Barryroe oil discovery has chosen the rig, allowing the company to move forward with consents.
In September, Providence, alongside operator EXOLA DAC, signed a farm-out agreement with APEC Energy Enterprises Ltd, which includes China Oilfield Services Ltd providing all services and drilling equipment.
Providence and its partners are planning to drill four vertical and one horizontal well on Barryroe, located on licence 1/11 in the north Celtic Sea Basin off the south coast of Ireland.
China Oilfield has now chosen which semi-submersible drilling unit it will use, which is currently located in the Norwegian North Sea.
"The rig nomination allows us to progress the rig-related consents for the upcoming Barryroe appraisal drilling programme," said Providence Chief Executive Tony O'Reilly.
"Subject to the receipt of all necessary regulatory approvals, we currently envisage rig mobilisation and drilling commencing during third quarter 2019. The Barryroe partners look forward to working closely with China Oilfield on the execution of this major drilling programme and further project announcements will be made as appropriate."
The Providence announcement was noted by Lansdown Oil & Gas PLC, which owns 10% of Barryroe.
Lansdowne CEO Steve Boldy commented: "We are pleased progress continues toward delivering the fully cost-carried multi-well drilling programme on Barryroe.
"The nominated rig, the China Oilfield Services Innovator, has high technical specification and is ideally suited to complete the work."
Lansdowne shares were 4.4% higher at 2.35 pence each, while Providence was up 4.1% at 13.88p.
