One billion barrels at Barryroe oil field

Fresh estimates concerning how much oil exists at the Barryroe field, off the Cork coast, have hinted at around one billion barrels, three times higher than previous expectations.

In a new research report on Providence Resources, which currently controls 80% of Barryroe, London-based brokerage Liberum Capital said that it estimates the field could contain approximately one billion barrels of oil-in-place and more than 160 million barrels of recoverable oil.

“This appears to be treble current market expectations and points to significant share price upside,” Liberum analysts Andrew Whittock and Rob Mundy said.