Tuesday September 23, 05:14 PM
Providence says 'disappointed' with initial 50/6-4 Dunmore well results
LONDON (Thomson Financial) - Providence Resources (Dublin: PZQ.IR - news) , the AIM and IEX listed exploration and production company, together with its partners, said it has completed the drilling operations at its 50/6-4 Dunmore appraisal well, located off the south coast of Ireland and found the gross reservoir interval was thinner than had been expected and sandstones present have been determined to be water bearing based on well log data.
However, the company said a new hydrocarbon bearing Jurassic carbonate reservoir zone was encountered, which had not been anticipated prior to drilling.
Company (CPNY3.SA - news) chief executive officer Tony O'Reilly, said: 'We are naturally disappointed with the Dunmore appraisal well results in the Jurassic sandstone reservoirs, but we are very encouraged by the discovery of the new Jurassic carbonate reservoir interval.'
'Once we have completed the analysis of the well data and determined the final resource potential for the whole accumulation, we will be in a better position to complete our plans for any future specialist testing programme of the 50/6-4 well,' he added.
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