Providence Resources has provided an update on Licencing Option 16/27 in the Porcupine Basin, offshore Ireland.
Drilling & production - 17 July 2017
The Norwegian Petroleum Directorate has granted Lundin Norway AS a drilling permit for well 7220/11-4 A, cf. Section 8 of the Resource Management Regulations.
Waitsia-4 was spudded on 10 July 2017 and is forecast to take approximately five weeks in total to complete.
The discovery was made in the Blåmann well, between the Snøhvit and Goliat fields in the Barents Sea. Recoverable volumes are estimated at 2 - 3 billion standard m3, approximately 10 - 20 million boe.
EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.