London-listed Providence Resources has signed a letter of intent for a drilling rig to spud the Druid exploration well in the southern Porcupine basin off Ireland next year.
Providence revealed Tuesday it had issued a letter of intent to an unnamed contractor following a rig tender process, adding the parties would proceed to finalise a contract over the coming weeks.
"This is another key milestone for our planned drilling at Druid, further demonstrating the progress that we are making in pursuing the continued development of our significant portfolio offshore Ireland,” Providence chief executive Tony O’Reilly said.
