Providence to start Hook Head drilling in summer

At Providence’s AGM in Dublin today, shareholders were told the oil and gas exploration company will start appraisal drilling on its Hook Head Project in the Celtic Sea later this summer.

Providence is also going to buy the majority of the Singleton field in the UK, while the High Island A-268 Gas Project in the Gulf of Mexico is on schedule to start producing in August.

The company also said that, together with ExxonMobil and Sosina, it was awarded 15 new blocks in the Goban Spur, off the coast of Ireland.

Dr Brian Hillery, Chairman of Providence said: "This has been a productive year for Providence. The Company continues to pursue a portfolio strategy focusing on international development and exploration. I am particularly pleased with the prospect of the imminent drilling programme at Hook Head, which marks a major milestone for Providence. I believe Providence is now extremely well placed to develop, and ultimately, capitalise on its extensive asset portfolio."

Shares in the firm are currently up one cent to 77 cents on the ISEQ.