Davy Research

Providence Resources

Porcupine well 53/6-1 hits water wet sands in deeper Lower Cretaceous target
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Providence Resources

DAVY VIEW

The news is disappointing but the crucial difference between this and other high impact wells the group has drilled is that it remains well financed to drill the next well in its programme, which is likely to be the Barryroe prospect in the Celtic Sea. Frontier drilling is high risk but the Porcupine continues to be an area with significant potential given its similarity to other systems in the Canadian Eastern offshore and other Atlantic margin plays.

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  • Providence Resources

    Closing Price: 800p

  • RATING 09/06/11

  • PREVIOUS RATING N/A

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