Providence begins drilling at weekend

Providence Resources has told shareholders that drilling will begin at its Helvick oil field in the Celtic Sea this weekend

Providence Resources has told shareholders that drilling will begin at its Helvick oil field in the Celtic Sea this weekend. The drilling programme aims to provide further information on the oil in place and establish the extent of the projected recoverable reserves. Providence is forecasting minimum flow rates of around 10,000 barrels of oil per day. Shareholders yesterday approved measures to complete the offer and issue of $12 million (€12.61 million) of unquoted convertible bonds. This offer is available to qualifying shareholders in Providence on a pro-rata basis to their holding of ordinary shares in Providence on June 2nd 2000. Applications must be made before July 3rd.