Wednesday, September 05 07:55:57
Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and production company, whose shares are quoted in London (AIM) and Dublin (ESM), has provided a further update on the resource potential of Barryroe in the North Celtic Sea Basin, offshore Ireland. Providence (80pc) operates Barryroe on behalf of its partner Lansdowne Oil and Gas plc (20pc). The area is located in Standard Exploration Licence (SEL) 1/11 and Licensing Option (LO) 12/4, situated in c. 100 metre water depth and is c. 50 kilometres off the south coast of Ireland. This new estimate relates to lower levels in the well and there was the hope that it might contain further reserves.
Providence has now completed an evaluation of the in place volumetric resource for these two additional logged hydrocarbon bearing intervals at Barryroe. This assessment, which was based on previous well data, together with 2D and 3D seismic data, estimates an additional total P50 oil in place resource of 778 MMBO and P10 resource of 1,165 MMBO. However, as there is limited reservoir and well test data available over these two intervals, future well data over these two specific zones would be required in order to firm up the final resource estimates.