Hopes soar as oil find exceeds targets

Hopes for Ireland’s first commercial oil strike have soared after tests broke key targets yesterday.

Providence Resources’ exploration off the Cork coast broke the 1,800 barrels per day figure set by the exploration company as being “commercial”.

The Irish Examiner understands that flows of 2,000 barrels of oil per day have been achieved during the test on the appraisal well at Barryroe, 48km off the Cork coast.