Providence Contracts GSF ARCTIC III Rig for Drilling in Celtic Sea, Offshore Ireland

Providence Resources Plc (“Providence”), the AIM and IEX listed company,  has secured a semi-submersible rig for its well programme in the Celtic Sea during the summer of 2011.

This forms part of Providence’s previously announced multi-year, multi-basin drilling programme, offshore Ireland.

Under the terms of the deal agreed, Providence, as Operator, has hired the semi-submersible rig, the GSF ARCTIC III. The rig contract provides for a minimum 54 day period with options to extend, should the company wish to drill further wells. The primary objective of the 2011 drilling programme will be to further appraise the Barryroe oil accumulation. Based on the current rig schedule, the spud date is expected to be late August 2011. Well site surveys were recently successfully completed using the R.V. Celtic Voyager.

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Source:Providence,  April 18, 2011

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