IRISH oil and gas operator Providence Resources said yesterday it had achieved better-than-expected results from a development well on its onshore Singleton oil field near Chichester in West Sussex.
The company said the well would start producing oil in just over a month and become the seventh producing well on the field, which currently has an output of 500 barrels per day.
Providence holds a 99.125% interest and operates the Singleton field, with Noble Energy holding the remaining 0.875%.
Chief executive Tony O’Reilly said it was a great result, giving greater confidence in the potential for further production increases.
Since production began in 1986, Singleton has produced around 3.7million barrels of oil from oil-in-place resources said to be up to 107million barrels. Providence is now targeting recovery of an additional 7million barrels.
