Providence drilling two new wells at UK oilfield

Oil and gas exploration company Providence Resources today said it had begun drilling two new wells at the Singleton oil field, onshore UK.

"This programme should not only boost daily production rates by over 40%, but should also allow us to assess the impact of new production technologies at Singleton which are expected to form the cornerstone of our field redevelopment activities during the coming years," CEO Tony O'Reilly said.

The Singleton field is located in the Weald Basin and currently produces c. 800 BOEPD from seven production wells.

The field is operated by Providence (99.125%) with partner Noble Energy (0.8725%).

Providence is listed in London (AIM) and Dublin (ESM).

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