DUBLIN, Ireland – Providence Resources (AIM:PRV) has almost quadrupled to 1-1.6 Bbbl its oil-in-place estimate at the Barryroe field offshore southern Ireland.
This follows new analysis of a range of data on the field inNorth Celtic Sea basin standard exploration license (SEL) 1/11. Barryroe is in 100 m (328 ft) water depth and 50 km (31 mi) offshore.
Following drilling and testing of theBarryroe 48/24-10z well in March, Providence has completed a series of post-well studies to update the in-place volumetric resource estimate. This is based on data from all six wells drilled on the structure, recently acquired/processed 3D seismic data, existing 2D seismic, and other regional data.
Analysis demonstrates that the Barryroe trap at Base Wealden level is located in the hanging-wall side of an inverted major intra-basinal growth-fault system and extends over several hundred square kilometers.
The structure’s crest is at around 6,400 ft (1,951 m) TVDSS, deepest logged hydrocarbons at 7,300 ft (2,225 m) TVDSS, and no evidence of an oil/water contact. Reservoir fluid data from the recent well suggest no likelihood of a primary gas cap at the crest in the Basal Wealden sands.
Studies point to a (P50) Basal Wealden average net sand thickness of just 23 ft (7 m) across the structure. This, combined with well petrophysical parameters, indicates in-place P50 reserves of 756 MMbbl of oil and P10 of 906 MMbbl.
The large increase in resources compared with the previous estimate follows use of the new 3D seismic data to image and extend the Basal Wealden sand play across the entire mapped Barryroe structure.
Resource estimates for the Middle Wealden (P50 of 287 MMbbl and P10 of 706 MMbbl) have not been revised.
Deeper exploration potential has also been identified under Barryroe at the Upper Jurassic level, although this has yet to be drilled. Mapping confirms the Barryroe closure persists to base Cretaceous level, and the overpressured shales of the Purbeckian should provide an effective seal for any potential accumulation.
Providence has started mapping these newly prospective zones.
Tony O’Reilly, chief executive of Providence, said: “The lack of any logged water bearing reservoir intervals in the lower c. 1,500 ft [457 m] of our recent 48/24-10z attests to the resource potential within the Barryroe structure and strongly suggests that there may also be material hydrocarbon potential at deeper reservoir intervals within the structure.
“It is clear from these studies that Barryroe is a substantial oil accumulation across multiple stacked horizons with much running room for further resource growth.”