Providence Resources has said that its Singleton X12 well in the UK has been suspended because of continuing operational problems.
The company said that given the prolonged programme period, a decision was taken to temporarily suspend the well, due to the time restrictions in the approved planning consents and with the rigs availability period.
A note from Davy stockbrokers said the problems at the site seem to be related to the rock mechanics of the drill hole and the equipment used to drill out the extended reach walls.
Providence said that the X12 development well had been the most ambitious and challenging well to have been designed and drilled on the Singleton Field.
It added that it will meet with its well services contractors in the near future to investigate a number of the operational issues that have ''plagued'' the X12 programme.
Providence said the move does not impact its current production rates, which are running at about 750 barrels of oil equivalent a day. It added that it still continues to ''comfortably'' meet its performance obligations on its pre-paid swap facility at Deutsche Bank.