News

June 10, 2009

Providence Resources Exceeds Production Expectation With Its Vermillion 60 Well Offshore Louisiana In the US

The news, when it was announced recently was good. But now it is even better. When it was first stated, the London (AIM) and Dublin IEX) listed oil and gas oil and gas exploration junior said the Vermillion 60 (VR 60) field, in shallow water in the Gulf of Mexico, 20 km south of the coast of Louisiana, had added an extra 300 boepd to its total output.

It followed the successful re-completion of the existing A7 well to reach a new production zone which Providence said contained “excellent reservoir characteristics”. The new production area flowed at around 5 million cubic feet of gas a day or 300 boepd net to Providence. The company holds a 50 per cent working interest in the field with a 36.7 per cent revenue interest.

Now the group has been able to say that it has increased production levels at Vermillion 60. The new production...