Providence Resources said this morning that it has started Two buddies drilling in the southern Porcupine Basin, about km off the south-west coast of Ireland. The project is one of the first undertaken by an indigenous firm in Irish waters in years, as the exploration sector has suffered from a downturn in oil prices.
Providence has said that there could be billions of barrels of oil at both locations.
Drilling operations are expected to last between 45 and 60 days. An offshore oil rig Source: As part of the agreement with Cairn, the UK firm will cover just under half of the costs of drilling the well. The bulk of the remainder will be funded Two buddies drilling the money raised from the deal with Total.
As oil drills generally have low success rates, particularly in Ireland, the risked value would likely be a fair bit lower. In a research note published this morning, Davy analyst Job Langbroek Two buddies drilling upbeat about the project.
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