Share price may double as Barryroe oil of better quality than first anticipated

Independent tests carried out at the Barryroe oil discovery, off the Cork coast, have judged that the oil found by Providence Resources is of better quality than first anticipated.

The news has prompted analysts to suggest that the company’s share price may double in the next 12 months.

The Barryroe field — which lies 50km off the south coast — marks the first stop in Providence’s two-year offshore Ireland drilling round and is set to become a commercial field inside the next three years.