Providence, the AIM and IEX listed exploration and production company, together with its partners, declares the completion of drilling operations at its 50/6-4 Dunmore appraisal well, located some 40 kilometers off the south coast of Ireland. The well was designed to appraise Jurassic aged sandstone reservoir intervals which were tested as oil bearing in the 50/6-1 discovery well.

The 50/6-4 well was drilled using the Transocean GSF Arctic II semi submersible drilling rig and reached a total depth (TD) of 5,214 ft measured depth below rotary table (MDBRT). The primary Jurassic sandstone reservoir interval was encountered within the pre-drill depth prognosis, but the gross reservoir interval was thinner than had been expected and sandstones present have been determined to be water bearing based on well log data.

A new hydrocarbon bearing Jurassic carbonate reservoir zone was encountered, which had not been anticipated prior to drilling. This reservoir has a c. 20 ft gross thickness and porosities of up to 23%. The reservoir zone exhibited good oil and gas shows whilst drilling, with a hydrocarbon down to the base and is located within a c. 400 ft thick interval of gas bearing shales. Given that this new play type may have future potential, the partners have elected to suspend the well and demobilise the rig since operational timing, equipment availability, and cost constraints have precluded the deployment of this specialist testing equipment within the current drilling programme.

The partnership will now focus on integrating the results of the Dunmore well, in particular on the new Jurassic carbonate play potential. Forward programmes could include the deployment of specialist testing equipment to obtain hydrocarbon samples and to evaluate the productive potential of this interval.

Commenting on the announcement, Mr Tony O'Reilly, Chief Executive said, "We are naturally disappointed with the Dunmore appraisal well results in the Jurassic sandstone reservoirs, but we are very encouraged by the discovery of the new Jurassic carbonate reservoir interval. Whilst this new carbonate reservoir is not significantly developed at this well location, it is possible that it may thicken considerably elsewhere in the block. Once we have completed the analysis of the well data and determined the final resource potential for the whole accumulation, we will be in a better position to complete our plans for any future specialist testing programme of the 50/6-4 well."

Tags: Providence Resources Plc