Ireland offshore oil appraisal well exceeds expectations

Providence Resources has discovered light oil with its first appraisal well on the Barryroe structure, 50 km (31 mi) offshore southern Ireland.

Offshore staff

DUBLIN, Ireland – Providence Resources has discovered light oil with its first appraisal well on the Barryroe structure, 50 km (31 mi) offshore southern Ireland.

The semisubGSF Arctic III drilled well 48/24-10z in 100 m (328 ft) water depth in North Celtic Sea basin in license 1/11.

The well was drilled to a final TD of 7,550-ft (2,301-m) TVDSS, encountering the primary basal sandstone reservoir interval within the anticipated depth. Reservoir development at this level is better than expected, with strong correlation of the overall sand packages with the offset 48/24-3 well.

During drilling there wereindications of hydrocarbons. Results from wire-line logging have confirmed the presence of 41 ft (12.5 m) of net pay, with an average 15% porosity and 87% hydrocarbon saturation, and no sign of a hydrocarbon/water contact.

Pressure data over this interval have revealed oil and gas-bearing zones, with the oil gradient suggesting a light, 40o API crude. Reservoir oil samples have been recovered and taken to the UK for laboratory analysis.

Analysis of the pressure gradient suggests the oil/water contact in the basal sandstone could be significantly down-dip from the well.

Providence and its partner Lansdowne Oil & Gas next plan a well flow test program. Initially a production liner will be set, prior to flow testing the well over a period of up to 10 days.

John O’Sullivan, technical director, said: “The confirmation of high quality light oil within a porous and potentially laterally extensive sandstone system is extremely encouraging. The comprehensive newly acquired well data are already providing key insights into thehydrocarbon resource potential of this system.

“These sands, which appear to have an intact overlying pressure seal, sit directly on a proven mature and oil prone source rock and therefore open the route to significant resource volumes within the Barryroe license area.”

2/27/2012

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