‘Notable gas shows’ in Celtic Sea

PROVIDENCE Resources said that it has encountered “notable gas shows” from appraisal work at one of its licences off the coast of Cork.

The Barryroe field, located in the Celtic Sea, marks the starting point of the company’s long-awaited multi-year drilling campaign in Irish waters.

Providence, headed up by Tony O’Reilly Jnr, said yesterday that appraisal drilling encountered notable gas shows through the PSE Seven Heads Limited-operated gas reservoir, which overlies the Barryroe oil discovery. Following casing of this section, the well will be drilled ahead through the underlying primary and secondary Barryroe oil reservoir targets to a total depth of 7,464 metres, the company said.

Providence is embarking on the biggest drilling campaign ever seen in Irish waters. Ahead of work commencing at Barryroe, Mr O’Reilly recently said that the first drilling project would herald “the renaissance of major drilling activities offshore Ireland”.

Providence’s technical director, John O’Sullivan, said that the results back up recent seismic studies carried out at the asset.

“The accuracy of the new 3D seismic data in mapping the overlying gas reservoir section gives us confidence in relation to the delineation of our underlying primary and secondary oil targets.”

“While not the highest value asset in Providence’s portfolio — given the scale of some of its Atlantic Margin targets — it is an important asset, as it can shape the hydrocarbon credentials of offshore Ireland,” added Caren Crowley of Davy Stockbrokers.

Meanwhile, elsewhere in the Irish exploration world, Petroceltic has appointed former head of corporate finance at Davy Stockbrokers, Hugh McCutcheon to its board in a non-executive capacity. Mr McCutcheon joins the company’s board with immediate effect.

Petroceltic’s chairman, Rob Arnott, said that Mr McCutcheon will bring with him “a wide range of skills and experience in deal-making and corporate governance”.