Providence reaches out to preferred rig supplier for Druid play

Providence Resources CEO Tony O’Reilly with a sample of Barryroe field crude
Providence Resources CEO Tony O’Reilly with a sample of Barryroe field crude

Irish oil and gas explorer Providence Resources has contacted the preferred bidder to supply it with a rig for its Druid prospect following a tender.

London-listed Providence said it had sent a “letter of intent to the leading contender”, but did not reveal the rig contractor’s identity.

Providence said: “The parties will now proceed to finalise a contract over the coming weeks and a further update will be provided in due course.”

Druid is located 220kilometres off the south-west coast of Ireland in the southern Porcupine Basin.

Providence holds the operatorship and 80% of the relevant licence, while Sosina Exploration has 20%.

Providence chief executive Tony O’Reilly said: “This is another key milestone for our planned drilling at Druid, further demonstrating the progress that we are making in pursuing the continued development of our significant portfolio offshore Ireland.”

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