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Providence Dismisses Setback Claims Over Barryroe Prospect

20th January 2014
Providence Dismisses Setback Claims Over Barryroe Prospect

#Oil - News that the Barryroe prospect off the south coast requires a new appraisal well at a cost of some €30 million sent shares in Providence Resources tumbling on the Dublin market as trading opened today.

But the Irish oil and gas firm says there has been no setback to its plans for the oil field and "no material change" to its status, as The Irish Times reports.

And the company says it remains in discussions with "major Asian, European and North American oil companies" to tap Barryroe as a collaborative venture that's expected to be worth billions to the Irish economy.

Shares fell 9% this morning following a Sunday Times article that suggested Providence would seek funds from shareholders for new drilling in the Celtic Sea prospect.

Published in Coastal Notes
MacDara Conroy

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MacDara Conroy

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MacDara Conroy is a contributor covering all things on the water, from boating and wildlife to science and business

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Coastal Notes Coastal Notes covers a broad spectrum of stories, events and developments in which some can be quirky and local in nature, while other stories are of national importance and are on-going, but whatever they are about, they need to be told.

Stories can be diverse and they can be influential, albeit some are more subtle than others in nature, while other events can be immediately felt. No more so felt, is firstly to those living along the coastal rim and rural isolated communities. Here the impact poses is increased to those directly linked with the sea, where daily lives are made from earning an income ashore and within coastal waters.

The topics in Coastal Notes can also be about the rare finding of sea-life creatures, a historic shipwreck lost to the passage of time and which has yet many a secret to tell. A trawler's net caught hauling more than fish but cannon balls dating to the Napoleonic era.

Also focusing the attention of Coastal Notes, are the maritime museums which are of national importance to maintaining access and knowledge of historical exhibits for future generations.

Equally to keep an eye on the present day, with activities of existing and planned projects in the pipeline from the wind and wave renewables sector and those of the energy exploration industry.

In addition Coastal Notes has many more angles to cover, be it the weekend boat leisure user taking a sedate cruise off a long straight beach on the coast beach and making a friend with a feathered companion along the way.

In complete contrast is to those who harvest the sea, using small boats based in harbours where infrastructure and safety poses an issue, before they set off to ply their trade at the foot of our highest sea cliffs along the rugged wild western seaboard.

It's all there, as Coastal Notes tells the stories that are arguably as varied to the environment from which they came from and indeed which shape people's interaction with the surrounding environment that is the natural world and our relationship with the sea.