Irish explorer Providence Resources has appointed a well management services contractor for its deepwater Druid well in the Porcupine Basin.
The firm also expects to save 30% on drilling costs, thanks to a drop in rates in the last estimate.
Drilling on the Paleocene Druid prospect is expected in June 2017. Druid is in Frontier Exploration Licence 2/14, in 2250m water depth in the southern Porcupine Basin, 220km off the south west coast of Ireland.
FEL 2/14 also cntains the Drombeg prospect.
Providence and its partner Sosina have appointed Senergy Wells Limited (Senergy), a wholly owned subsidiary of Lloyds Register, to provide integrated well management services for the drilling program. Under the terms of the contract, Senergy will provide management and well engineering services for the design and construction of the Druid well under the LR Global Management System - Well Project Delivery Process.
Based on updated market rates, the latest gross well cost for Druid is estimated at about US$35 million, which compares to $46 million, previously estimated.