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Providence Resources PLC (PZQA.DB), an oil and gas exploration and production company, said Thursday it started drilling a new well Wednesday at the Singleton field, onshore U.K. which is expected to provide up to 500 barrels of oil equivalent per day, or BOEPD, of additional cumulative production.
-Singleton field is located in the Weald Basin and currently produces up to 900 BOEPD.
-Field is operated by Providence (99.125%), with partner Noble Energy Inc (NBL) (0.8725%).
-Drilling program, using the KCA Deutag T49 drilling rig, comprises the drilling of a new multi-lateral horizontal production well to the south west.
-Drilling operations are expected to take up to 100 days and will entail the drilling of a main well-bore of 16,800 ft length, which should provide upwards of 4,000 ft gross exposure to the hydrocarbon reservoir.
-A subsequent lateral is also planned which should provide a further 4,000 ft of gross reservoir exposure.
-New well has been designed to allow for future acid stimulation, thereby providing further incremental production potential.
-Well should see Company boosting production levels to 1,500 BOEPD through a series of initiatives at the field, including new wells, de-gasification of the plant and acid stimulation.
-Shares at 0805 GMT unchanged at 227 cents valuing the company at EUR113.07 million.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; firstname.lastname@example.org