Providence Resources has successfully finished its re-completion activities on its Vermillion 60 (VR 60) field, in which it holds a 50% working interest. The Aries Marine Lift Vessel Ram VIII was used to reenter the existing A7 well on the VR60 platform in order to re-complete the well to the new production zone.

This new zone has excellent reservoir characteristics, with c. 20' net gas pay and porosities of up to 30%. The new zone is currently flowing at c. 5 MMSCFGD gross (or 300 BOEPD* net to Providence). Providence will continue to monitor the production from this new zone in order to maximise reserves recovery and gas production rates.

Vermillion 60 is located about 20 kilometres south of the Louisiana and lies in about 40 feet of water. Providence holds a 50% non-operated working interest with a 36.667% net revenue interest in the field.

The Vermillion 60 field was discovered in 1975 and produces from lower Pliocene and Pleistocene sandstones. The field is now mapped with 3D seismic and well control, and the current A7 well was drilled in early 2007. The A7 well has already produced c. 1.5 BCF to date from previous zones. The new zone is expected to contain up to c. 3 BCF of gross gas reserves. Further potential remains in this well with multiple behind pipe gas reserve zones already identified.

Tags: Providence Resources Plc