Providence Resources reported the successful completion of the 3D seismic acquisition project over the Barryroe oil discovery (Barryroe) in the North Celtic Sea, offshore Ireland. The partners believe that modern 3D seismic data, in tandem with modern well completions in the current high oil price environment, will be key components to unlocking value at Barryroe. This survey forms part of the planned pre-development drilling programme on the Barryroe, where drilling is scheduled to commence in September utilising the already contracted semi-submersible rig, the GSF ARCTIC III. Providence operates Barryroe (50%) with partners San Leon Energy (30%) and Lansdowne Oil & Gas (20%).

About Barryroe

The Barryroe licence lies directly below the Seven Heads Gas Field and has been successfully tested at flow rates of between 1,300 and 1,600 BOPD, from three exploration and appraisal wells. The reservoir sands are of Cretaceous Middle and Lower Wealden age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil is light (30 to 42 degrees API) and contains relatively high wax content ranging from 12 to 22 per cent, which may require treatment at surface. A third party audit carried out by RPS Energy for Lansdowne indicated P50 and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO, respectively. The corresponding 2C and 3C Barryroe technically recoverable contingent resources are 59 MMBO and 144 MMBO, respectively. In February, 2011 Providence entered into a MOA with Shell Trading and Marketing to agree an oil off-take agreement for future oil production from Barryroe and Hook Head. In April 2011, Providence announced that it had secured a semi-submersible drilling rig for the planned drilling operations.

Tags: Providence Resources Plc