Barryroe drilling plan at advanced stage

Providence Resources has said that planning for a resumption of drilling at its highly-anticipated Barryroe field off the Cork coast, as well as plans to bring in a development partner for the asset, are at an advanced stage.

The Tony O’Reilly-led explorer has been hampered in its efforts to farm-out around half of its 80% stake in Barryroe by a major drying up of deal activity surrounding mainstream European oil and gas assets. However, at Providence’s AGM last month, Mr O’Reilly said that a deal on Barryroe should be finalised in the near future; adding that a good level of interest had been shown by international parties.

A return to drilling at Barryroe is envisaged for next year, with first oil flow aimed for by the end of 2017.