Cash flows of up to $10.6bn (€8bn) could be generated by Providence Resources’ 80% stake in the Barryroe oil field in the Celtic Sea, according to fresh estimates.

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.

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.