Providence puts Singleton well into production onshore the UK

Source: Providence Resources

Providence Resources (AIM:PVR) has commenced production from its Singleton X11 development well onshore the UK. The Singleton field is located in the Weald Basin in the south of England and is operated by Providence (99.125%) with partner Noble Energy (0.8725%).

The X11 horizontal development well was recently brought on-stream at an initial rate of c. 200 BOEPD (c. 150 BOPD & c. 300 MSCFGD), which is in-line with pre-drill expectations. The X11 well design has been optimized for stimulation and plans are currently being progressed to carry out an acid fracture operation during Q2/3 2011 to increase production rates further. The X8v dual lateral well is currently being prepared for stimulation. The previously producing X8x section of the well has already been stimulated and it is planned to bring the well back into production in early May.

An updated Singleton third party reserve audit has been carried out by Collarini & Associates, incorporating the results of the 2010 multi-well program. The updated audit reports 7.7 MMBO of 2P net oil reserves at Singleton as of 1st March 2011. This is an increase of 44% in 2P oil reserves when compared to the previous report from 1st January 2010. A copy of the letter from Collarini & Associates summarizing the reserve report will be posted on Providence's website.

Providence will continue the re-development of the Singleton oilfield with further drilling planned in 2011. The company is currently in discussion with rig operators in advance of plans to spud a development well on Singleton later this year.

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