Providence upgrades Barryroe license ahead of well spud

Providence Resources has been awarded Standard Exploration License 1/11 over the Barryroe oil discovery off southern Ireland.

Offshore staff

DUBLIN, Ireland – Providence Resources has been awarded Standard Exploration License 1/11 over the Barryroe oil discovery off southern Ireland.

The license applies for a period of up to six years, divided into two three-year phases. The areal extent of the license – has increased by around 9% (25 sq km, or 9.6 sq mi) compared to the previous Licensing Option 08/1 to take in further acreage identified as prospective.

Providence and its partners San Leon Energy and Lansdowne Oil & Gas have committed to drill at least one well during the first phase, the upcoming 48/24-J well.

The well location and program have been finalized based data from on a fasttrack 3D seismic volume. The planned well will offset and primarily appraise Marathon Oil’s 1990 discovery well, which tested 45° API light sweet oil at around1,600 b/d from base Cretaceous sands.

Providence aims to acquire a set of modern wireline logs, and an orientated conventional core through the primary objective. These data will serve to improve understanding of the reservoir architecture, inverting the 3D seismic volume and defining the resource base for this reservoir interval.

The partners also plan to test the well using vacuum insulated tubing (VIT), which has proven critical when dealing with high pour point crudes such as evidenced in the original well.

Further data will be acquired in overlying secondary objectives, as these have tested at rates of around 1,500 b/d from two previous wells on the Barryroe structure. The aim is to demonstrate commercial flow rates of 1,800 b/d or more from this vertical well.

Providence expects drilling to start in mid-November, while the contracted rig GSF Arctic III completes a current program for another operator in the North Sea.

Pre-spud activities for the Barryroe well are under way, with equipment being mobilized and other logistics activities progressing as planned.

10/19/2011

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