Business
Singleton Oil Well Brought on Stream
Singleton Oil Well Brought on Stream.
About this update from Porvair Plc
[{"type":"text","content":"\n \n\n\n\n\n20 December 2005\n\n Providence Resources plc\n\n SINGLETON OIL WELL BROUGHT ON STREAM\n\n* Initial production in line with expectations\n\n* Accesses new areas in oilfield\n\n* Consistent with Providence's stated strategy of increasing daily\n oil production\n\n\nProvidence Resources Plc (\"Providence\" or \"the Company\") is today\n(Wednesday, 21st December 2005) pleased to announce that the X-9\nproduction well has been successfully brought on stream in the\nSingleton oilfield, onshore UK and that the X-8x well is expected to\nbe brought on stream later this week.\n\nThe field, in which Providence holds a 20% equity interest, is\noperated by Star Energy Plc and is located within the Weald Basin in\nthe South of England. These new horizontal wells were designed to\ndevelop reserves not presently accessed by the existing\nrevenue-generating production wells. The wells which involved the\napplication of extended reach technology were drilled utilising the\nMarriott-7 drilling unit.\n\nThe objective was to increase daily oil production by between 50% to\n100%.\n\nOnce production rates have stabilised, a further release will issue.\n\nTony O'Reilly Jnr., CEO of Providence commented:\n\"We are delighted at the initial outcome of our 2005 Singleton\ndevelopment drilling programme as it heralds an important step in our\nobjective to increase our daily oil production.\"\nEnds. Wednesday, 21st December 2005\n\nContacts:\n\nProvidence\nTony O'Reilly Jnr. Chief Executive Tel: +353 1 667 5740\n\nPowerscourt Tel: +44 (0) 207 236 5615\nRory Godson Mob: +44 (0) 7909 926 020\nVictoria Brough Mob:+44 (0) 7967 044 840\n\nMurray Consultants\nPauline McAlester Tel: +353 1 498 0300\n\nNOTES TO EDITORS\n\nAbout the Singleton Oilfield\n\nThe Singleton oilfield is situated onshore UK in the Weald Basin,\nWest Sussex. Providence holds a 20% equity interest in the field,\nwhich is operated by Star Energy Plc. The field, which contains good\nquality oil in Jurassic-aged carbonate reservoirs is thought to\ncontain ~74 MMBO STOIIP. At present four wells are producing ~400\nBOPD and the total production to date has been ~3 MMBO. In addition\nto the oil production, the Singleton partners utilise produced gas\nfrom the field in power generation which is sold to local users and\nwhich generates further revenue streams from the field.\n\nThe Singl...