Providence Resources lauds new drilling technique

Mar 31 2009 4:09PM

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Providence Resources has successfully completed drilling operations on its L99/02-SWD development well at the Singleton Field in the Weald Basin.

Tony O'Reilly, chief executive of the company, explained that the operation had not only uncovered two hydrocarbon reservoirs but also proved the worth of the firm's advances.

He said: "The drilling of the SNX-10 well is an important technical achievement for Providence, demonstrating our ability to effectively target reservoir sweet spots utilising complex geological modelling in tandem with extended reach well design."

The initial results are better than expected, although the amount of oil extracted cannot be confirmed until the well is brought into production, he added.

As well as this, the company will look at drilling in other areas in the field, Mr O'Reilly stated.

Recently, a study by Freshfields revealed that UK-based oil and gas firms are still taking part in mergers, despite a fall off in other sectors.
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