Providence’s new gas discovery

Providence Resources P.l.c. and its three partners have made a new non-operated gas discovery on Galveston Island Block A-155 in the U.S. Gulf of Mexico.

It is planned that this new field, which is located c. 100 kilometres off the US coast and in which Providence holds a non-operated 10.8% working interest, will undergo a fast-track development via nearby existing infrastructure.

Initial evaluation suggests that the well results have exceeded the expected pre-drill upside prognosis, which had an associated resource estimate of c. 13 BSCF REC. First production from the field is being fasttracked and the operator has already secured access to third party infrastructure as part of the plan of development.