The Rig Eirik Raude has just completed its second month of drilling ( on the one hole) in Dunquin and the target depth is to be reached some time in September…could be early or late September , who knows.
The O’Reillys have previous in ramping d’ole share price in July so beware of any and all rumours that emanate in re Providence over the next 2 months in particular. They had a go at pimping themselves up northwith this heady yarn in June and the share price hardly moved at all…except downwards.
The vessel was contracted to do a 90 -120 days drilling operation and anything less than a FULL 90 day drilling operation (out to around the middle of August or so) will be a gross failure.
I would not expect any formal announcements from the drillers (Exxon) until around christmas and the really interesting play will be from Cairn Energy who farmed in further north this year and announced they would drill it in 2014 last week. At present the Cairn drilling operation on Spanish Point is the only one I know of in 2014 in Ireland.Petrel recently farmed out a % of a block with a view to a drilling announcement hopefully later this year and for 2014 too.
It is safe to say that bad news on those two wells will plunge the whole country into a long deep depression and that good news from Exxon and Cairn could have precisely the opposite effect and Petrels new partners will be out there drilling like maniacs seeing as the Petrel targets are as little as 35km from the well being drilled now.