Providence expects busy year ahead

PROVIDENCE Resources, the Dublin-based oil and gas exploration company headed up by Tony O’Reilly Jnr, has said that 2011 and beyond will see it conduct “significant activity“, including its largest drilling programme to date, off the coast of Ireland.

“This year has seen a huge amount of activity at Providence. We’ve assembled a balanced portfolio of drillable prospects, while also ensuring that we have the appropriate partners for these specific assets. Next year and beyond is all about drilling and we’re expecting significant activity in our three operational areas of the UK, the Gulf of Mexico and — most importantly — offshore Ireland, where we have multiple drilling targets,” said Mr O’Reilly.

On the back of Providence’s latest trading update, he said the company enters 2011 with “a clear strategy, strong partners, an increasing reserve base and a dynamic asset portfolio, which will be the subject of a comprehensive drilling programme.