Shareholders at the AGM of exploration company Providence Resources today heard that the company has increased daily production over 16 times from about 120 barrels of oil equivalent per day to about 2,000 in a year.
This was achieved through the purchase of the Singleton oil field offshore Britain, the purchase of the Triangle oil and gas portfolio in the Gulf of Mexico and the starting of gas production from High Island, also in the Gulf of Mexico.
The AGM also heard that the recently drilled Galveston gas project in the Gulf of Mexico is now scheduled for start up production in the latter part of the year, while the next stage of the AJE project in Nigeria is also expected to announced in the coming months.
Later this summer, Providence is due to start appraisal drilling on its Hook Head oil project as well as the Dunmore oil prospect in the Celtic Sea. It is also finalising a major drilling programme for its Triangle portfolio.
'This has been a very productive year for Providence,' commented the company's Chairman Dr Brian Hillery.
He said the company continues to look at a portfolio strategy which focuses on international production, development and exploration.
'I believe Providence is very well placed to develop, and ultimately capitalise, on its extensive asset portfolio,' he told the AGM.
