Displaying items by tag: net pay
#COASTAL NOTES - Providence Resources has found light out with its first appraisal well off the south coast of Ireland, Offshore reports.
The company's semi-submersible GSF Arctic III drilled a well in 100m water to a depth of more than 2km on its Barryroe structure in the north Celtic Sea.
Indications of hydrocarbons were noted during the drilling, and further tests have confirmed the presence of 12.5m of 'net pay' (the thickness of rock that can deliver oil at a profitable rate) with as much as 87% hydrocarbon saturation.
The next stage will be a well flow test programme to determine whether future oil extraction can proceed.
“The confirmation of high quality light oil within a porous and potentially laterally extensive sandstone system is extremely encouraging," said technical director John O'Sullivan.
As previously reported on Afloat.ie, plans by Providence Rescources to prospect for oil pn the east coast off Dalkey Island have been met with fierce opposition by mainland residents and environmental groups.
Offshore has more on the story HERE.