Providence to examine survey data of 'very important' Barryroe oil field
PROVIDENCE Resources, the Irish exploration company that has begun the biggest ever exploration programme in Irish waters, said it has completed the first three-dimensional seismic survey of the Barryroe area off the south coast.
Providence will examine information from that survey to reach a conclusion on whether there is oil in the area. The Barryroe prospect is regarded as one of the fields with the most potential to produce oil in commercial quantities. At least 60 million barrels of crude are believed to be under the waters.
The Polarcus, the vessel used to examine the area, will begin a 20-day survey on the Amergin, Rosscarbery and Midleton prospects, which are operated by Lansdowne Oil and Gas.
Analysts said the survey would enable a better understanding of how sand is distributed within the field, giving Providence's experts clues about where to drill later in the year.
"A success will provide proof to the market that offshore Ireland oil plays can be commercial," said Davy Stockbroker's analyst Job Langbroek. "Barryroe is a very important well."
Shares in Providence closed down 8 cent, or 2.8pc, at €2.77 in Dublin yesterday.