Providence offered new licensing option at Barryroe, off Cork coast
EXPLORATION firm Providence Resources has been offered a new licensing option in a number of blocks beside the Barryroe field off the Cork coast.
Last month, Providence said the Barryroe oil field is likely to contains over a billion barrels of oil.
The option, on five block which cover an area of about 500 sq km, is located to the north and west of Barryroe.
Providence, which has a partner in Lansdowne Oil & Gas, said the option had a two-year term.
But following that it may be converted into a standard exploration licence and can drill a well.
Tony O’Reilly, chief executive, said the option increases its acreage position in the part of the basin that has most potential.
“Our work programme has been designed to assess the potential of any extensions of the Barryroe field into the Option area, together with determining whether any further satellite accumulations may exist close to the fields that warrant investigation,” he said.