Providence Resources P.l.c., (“Providence”) the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), provides an update on the Barryroe oil field (“Barryroe”) in the North Celtic Sea Basin, offshore Ireland.
Providence (80%) operates Barryroe on behalf of its partner Lansdowne Oil and Gas plc (20%). The area which is located in Standard Exploration Licence (SEL) 1/11 and Licensing Option (LO) 12/4, lies in c. 100 metre water depth and is c. 50 kilometres off the south coast of Ireland.
In April 2013, Providence published a competent person’s contingent resource audit on the in place hydrocarbon and recoverable resources from the Basal Wealden A oil reservoir, as independently reported by Netherland Sewell & Associates Inc. (NSAI).
NSAI have now provided an estimate of the cashflows attributable to Providence from the Basal Wealden A oil reservoir at Barryroe. Press Release, July 25, 2013