December 21, 2005 07:46
In an update on its Singleton oil field, Providence Resources says the X9 well has been successfully brought on stream while the X8X well is set to go ahead later this week.
These new wells have been designed to develop reserves not presently reached by the existing revenue generating production wells. Providence wants to increase daily oil production by between 50 to 100%.
The field, in which Providence holds a 20% equity interest, is operated by Star Energy and is located within the Weald Basin in the south of England.
Once production rates have stabilised, a further release will be issued, the company said.
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