Located in the Weald Basin, the Singleton oil field currently produces about 900boepd from seven production wells.
The company said it will drill a new multi-lateral horizontal production well to the south west, which will potentially provide up to about 500boepd of additional cumulative production.
Providence Resources will drill a main well-bore of about 16,800ft length, which will provide upwards of 4,000ft gross exposure to the hydrocarbon reservoir.
A subsequent lateral is also planned which will provide a further 4,000ft of gross reservoir exposure.
According to the company, the new well has also been designed to allow for future massive acid stimulation, providing further incremental production potential.
Providence Resources operates the Singleton field with a 99.125% interest and its partner Noble Energy holds the remaining 0.8725% stake.
