Providence Resources set to drill in Porcupine Basin by next June

Providence Resources is eyeing a start date of next June for drilling at its Druid oil prospect in the Porcupine Basin off the south-west coast.

Independent studies have suggested the presence of nearly 5bn barrels of oil, on a combined basis, across Druid and the nearby Drombeg prospect, which is also controlled by Providence.

The Tony O’Reilly Jr-fronted exploration company yesterday said it has opened a tender process for firm to provide the drill rig equipment and expects to have a deal in place before the end of the year.