Providence to start Nigeria drilling

OIL and gas exploration company Providence Resources has confirmed that drilling at its AJE Field off the coast of Nigeria will commence during the first quarter of next year.

It is understood that Providence’s stake in the field will be 5%. Its cost share will be less than €5m (€10.4m) — which was raised last year, so the company is fully financed on the asset. Independent sources claim the field — which includes oil and gas reserves — holds between 117m and 433m barrels of fuel oil equivalent.