News

January 08, 2009

Providence Resources Claims 2008 Was One of Its Most Successful Years Ever in Terms of Reserve Addition, Growing Production And Portfolio Diversification

Dublin based Providence Resources is a full cycle E & P oil and gas company with production, near production, development projects and some high impact/high reward assets which it is bringing along, in a diversified geographical spread with assets in Ireland the Gulf of Mexico and Nigeria. There is also some gas storage schemes in the pipeline. This spreading of risk along the length of the value chain is what many investors in AIM quoted companies like to see.

In an end of year report for 2008 Providence said this had been its most successful year so far. In effect there was a hiccup in the cycle in that the development acreage at Hook Head in the Celtic Sea offshore Ireland proved a disappointment. This was an old discovery and in September 2007 Providence reported 75 feet of net pay at Hook Head , which it was thought could hold up to 70 million barrels of oil. But last summer two appraisal wells both encountered hydrocarbons, but the overall...