Study raises resource base for Barryroe offshore Ireland

Providence Resources (AIM:PRV) has provided a resource update on the Barryroe oil field in the North Celtic Sea basin, 50 km (31 mi) offshore southern Ireland.

Offshore staff

DUBLIN, Ireland – Providence Resources (AIM:PRV) has provided a resource update on the Barryroe oil field in the North Celtic Sea basin, 50 km (31 mi) offshore southern Ireland.

The location is in standard exploration license (SEL) 1/11 and licensing option (LO) 12/4, in 100 m (328 ft) water depth.

Following acquisition and interpretation of new 3D seismic data in 2011 and subsequent drilling and testing of the 48/24-10z Barryroe appraisal well in 2012, Providence commissioned Netherland Sewell & Associates Inc. (NSAI) to perform a third-party contingent resource audit (CPR) of in-place and recoverable resources for the Basal Wealden oil reservoir.

The verdict is a 2C gross volume of 761 MMbbl, with recoverable resources of 266 MMbbl of oil and 187 bcf (5.3 bcm) of associated gas, based on a 35% oil recovery factor.

An earlier CPR of the overlying Middle Wealden by RPS Energy in 2011 reported technically recoverable resources of 45 MMbbl of oil and 21 bcf (595 MMbcm) of associated gas, based on a 16% oil recovery factor.

Adding the two together suggests gross recoverable resources atBarryroe of 311 MMbl of oil and 207 bcf (5.9 bcm) of gas.

Providence has identified further potential in logged hydrocarbon-bearing intervals within stacked Lower Wealden and Purbeckian sandstones. However, further well data would be needed from these zones to firm up their potential.

John O’Sullivan, technical director of Providence, said: “Having now completed this audit, and having finalized Phase 2 development planning with Mott MacDonald, we will now proceed with our planned farm-out discussions, where we have already received significant international industry interest.”

4/5/2013

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