Exploration company Providence Resources says that preliminary third party studies have increased oil in-place reserves at its Singleton Field, onshore UK, by about 50%.
The study also says that the Singleton field has the potential of significant remaining unswept oil reserves.
Providence holds a 99.125% interest in the field, with Noble Energy holding the remaining stake.
The first stage of the redevelopment of the field is due to start next October with the drilling of the SNX-SWD horizontal development well. This will target one of a number of areas highlighted in the recent studies.
'The initial results of this new resource modelling study have given further impetus to our planned redevelopment programme for the Singleton Field as they have significantly increased the original in-place resource estimate thereby boosting the remaining reserve potential', says Providence CEO Tony O'Reilly.
