Providence Resources hires rig to drill Barryroe appraisal in the Celtic Sea

Source: Providence Resources

Providence Resources (LON:PVR) has secured a semisubmersible rig for its well program in the Celtic Sea during the summer of 2011. This forms part of Providence's previously announced multi-year, multi-basin drilling program offshore Ireland.

Under the terms of the deal agreed, Providence, as Operator, has hired the semisubmersible rig, the GSF Arctic III. The rig contract provides for a minimum 54 day period with options to extend, should the company wish to drill further wells.

The primary objective of the 2011 drilling program will be to further appraise the  Barryroe oil discovery in the North Celtic Sea. Based on the current rig schedule, the spud date is expected to be late August 2011. Well site surveys were recently successfully completed using the R.V. Celtic Voyager.



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