Providence targets mid-2017 spud for deepwater Druid well offshore Ireland

Offshore staff

DUBLIN, IrelandProvidence Resources has updated progress on well planning for frontier exploration license (FEL) in the southern Porcupine basin, 220 km (137 mi) offshore southwest Ireland.

The concession, in 2,250 m (7,382 ft) water depth, contains the 3-Bbbl Palaeocene Druid and 1.9-Bbbl Lower Cretaceous Drombeg exploration prospects.

Following the recent appointment of Senergy Wells Ltd. to provide integrated well management services for the planned 2017 Druid drilling program, Providence has issued an invitation to tender for the rig contract to the market.

This will likely be signed during 4Q, allowing drilling to start next June, subject to regulatory approvals.

Detailed engineering and design for the well continues: currently the plan is to drill to TD at around 4,200 m (13,779 ft) true vertical depth subsea, to allow for a full evaluation of the resource potential.

The well is also being designed to allow for a potential deepening into the underlying vertically stacked Lower Cretaceous Drombeg prospect at around 5,200 m (17,060 ft) TVDSS.

This could occur if the Druid well were drilled significantly within the current budget, or if a third-party farminee were to provide additional capital to the project.

Latest cost estimate for the well is around $35 million; deepening it could push up costs by a further $15 million.

09/15/2016

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