Barryroe Prospects Off Ireland Good, Companies Say

Irish exploration company Providence Resources has released a favourable update on its Barryroe licence off the south-west of Ireland.

Providence operates Barryroe on behalf of its partner Lansdowne Resources.

In a statement, Providence said there is significant hydrocarbon resource potential of both oil and gas.

Netherland, Sewell & Associates, Inc. has completed an assessment of the region, and reported that the Basal Wealden oil reservoir "has a 2C in-place gross on-block volume of 761 MMBO with recoverable resources of 266 MMBO and 187 BCF of associated gas, based on a 35% oil recovery factor."

Providence's technical director, John O'Sullivan, said: "This third-party resource audit by Netherland, Sewell & Associates further validates the significant volumetric and recoverable resources of the Basal Wealden oil reservoir in the Barryroe Field, which Providence first reported on last summer. In addition, the audit has demonstrated that there are significant volumes of associated gas in solution."