Displaying items by tag: Providence Resourcs
Barryroe Oil Field May Hold Further Resources Says Study
#COASTAL NOTES - The Barryroe field off the south coast of Cork may deliver even more oil than previously anticipated, according to the latest surveys.
The Irish Times reports that Providence Resources has completed an evaluation of its Celtic Sea prospect which indicates that the Lower Wealden and Purbeckian areas could hold an "encouraging" yield of 778 million barrels.
The oil firm's tectnical director told the paper that the focus would remain on the Middle and Basal Wealden sands following its appraisal wells drilled over the spring and summer.
As previously reported on Afloat.ie, seismic data and results from six test wells on the Barryroe site led experts to estimate that the oil field contains as much as 1.6 billion barrels in total - four times as much as previous projections.
The oil flow is expected to be worth billions of euro to the Irish economy over a number of years.
The latest news "further reinforces the prospectivity of the area" according to Davy Stockbrokers, who added that "it also suggests that Barryroe will not be the only development of Purbeckian oil in the Celtic Sea".
