Audit raises Barryroe oil potential

Providence Resources believes improved resource figures should further enhance global awareness of its Barryroe oil and gas field, in which it hopes to sell a significant equity stake later this year.

Results published yesterday of an independent audit on the Basal Wealden reservoir — one of four reservoirs at Barryroe — undertaken by oil and gas consultancy, Netherland Sewell & Associates (NSAI), showed recoverable resources of 266m barrels of oil. Added to a previous study of the only other audited reservoir at Barryroe — which is located 50km off the Cork coast and counts as Ireland’s largest oil find to date — the Middle Wealden block, means that the known potential recoverable resources at Barryroe now stand at 346m barrels of oil equivalent, combining oil and significant gas reserves. That is up from Providence’s last estimate of 280m barrels.

The two remaining reservoirs will be audited in the future which could enhance Barryroe’s overall potential.