Providence Resources held its Annual General Meeting in Dublin, where shareholders received an update on the Company's portfolio of production, appraisal and exploration assets.

The Company outlined details on its multi-year, multi-well drilling programme offshore Ireland, which represents the largest drilling campaign ever carried out in the history of the state. Providence and its partners plan to invest upwards of $500 million in the campaign, which includes drilling of up to 10 exploration and development wells across six basins offshore the island of Ireland. A semi-submersible rig has already been contracted for drilling in the Celtic Sea Basin and pre-drilling activities are already well underway with a first spud date of September now expected.

Shareholders were also updated on the programme of activity underway at its Singleton oil field, onshore UK, with plans to double production rates to over 1,500 BOEPD over the next two years through various initiatives, including additional wells, stimulation and installation of generators to monetise flared gas.

Speaking at the meeting, Tony O'Reilly, Chief Executive of Providence, said,"We have a very busy period ahead, as we advance our extensive programme of production, appraisal and exploration activity across our assets in Ireland and the UK.

"As previously stated, the Company and its partners firmly believe that recent advances in technology, infrastructure and commodity pricing combine to present a unique opportunity to test the commercial potential of a number of these assets, plus the ongoing re-development at Singleton, allows the Company access greater production rates and higher reserves.

"The Board and I look forward with confidence to the year ahead as we embark on an exciting programme of activity and we will continue to update shareholders with developments over the period ahead".

All of the resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the notice of the meeting circulated to shareholders.

Tags: Providence Resources Plc