Oil find could be twice original estimates

Oil in place at the Barryroe oil field could be twice original estimates and may be closer to two billion barrels, according to the latest analysis by field owner Providence Resources.

And the field could produce as much as 100,000 barrels of oil a day over a 25-year period based on proven estimates alone.

Shares in Providence, which have trebled in value so far this year, rose slightly on the news from the company but stockbroking analysts viewed the latest analysis from Providence’s technical director John O’Sullivan as very positive.