Providence Resources says it could exceed its 2010 production target at its Singleton oil field in the UK to above 1,000 barrels of oil equivalent per day.
The company said the production increase is expected to be achieved through a phased programme of activities on the field.
It said a new development well is being planned for early next year after the successful results from the SNX-10 well results this year. Talks are taking place with rig operators to secure a rig for this well.
'By applying cutting edge technology to Singleton, we plan to exceed our target of producing over 1,000 BOEPD during 2010,' commented Tony O'Reilly, Providence's CEO.
'Our ultimate aim is to maximise production, as well as reserve potential, whilst also ensuring that Singleton is one of the best managed oil fields onshore UK,' he added.
