Two oil firms have released encouraging news about oil prospects off the coast of Ireland.
earlier, experts said an oil field run by Providence Resources off the Cork coast contains four-times as much oil as previously thought.
The estimates at their Barryroe well is home to more than 1.6 billion barrels, far exceeding expectations of previous estimates released just a few months ago.
Petrel Resources, an Irish-AIM listed oil and gas company, has today announced that it has identified a number of oil prospects for further evaluation off the west coast of Ireland.
In October 2011, Petrel was awarded licensing options over two sets of blocks, covering about 1,400 square kilometres, in what is called the Atlantic Porcupine Basin, a large structure lying off south-west Ireland.
After spending €1m over two years to analyse these blocks, completed last month, it has now started a second phase of analysis, an encouraging sign.
This is scheduled to be finished by the end of September 2012.
David Horgan, Managing Director of Petrel Resources plc, said: "The oil world has been transformed in recent years: despite fluctuations, the oil price remains high. Ireland’s fiscal terms are competitive and legal title is secure.
"Technology has leaped ahead on several fronts, reducing costs and risks. The combination of three dimensional seismic surveys and directional drilling allow explorers to map and drain complex reservoirs.
"The planned development of the 1981 Ballyroe discovery, after a dramatic increase in reserves, shows what is now possible. We believe that the Irish offshore will be increasingly attractive to investors."