Stena IceMAX inked for Druid/Drombeg

Providence Resources has inked a contract for a drilling rig to explore its southern Porcupine Basin license, containing the Druid and Drombeg prospects, starting June next year (2017). 

The Frontier Exploration License (FEL) 2/14 is in about 2250m water depth in the southern Porcupine Basin about 220km off the south west coast of Ireland. FEL 2/14 contains the Paleocene Druid and the Lower Cretaceous Drombeg exploration prospects. 

Providence has signed a contract for the provision of the Stena IceMAX harsh environment deepwater mobile drillship for US$185,000 per day. The Stena IceMAX is a modern dual derrick drill-ship designed to operate in water depths of up to 3000m. 

The contract provides for one firm well, plus an additional option for a second follow-on well. Other key service contracts are now being prepared for the planned drilling operations.  

The license is operated by Providence Resources (80%) on behalf of its partner Sosina Exploration (20%).  

Speaking today, Providence CEO Tony O'Reilly said: "We are delighted to have signed this rig contract with Stena. Our previous exploration collaboration project with Schlumberger highlighted the significant hydrocarbon potential of FEL 2/14 which we will now be evaluating using the high specification Stena IceMAX drill-ship. The signing of this rig contract is a major milestone in the project plan to enable the drilling of this high impact exploration well during summer 2017."