Irish oil and gas firm, Providence Resources, today said that an independent audit has confirmed that its Barryroe field has total recoverable resources of 346 million barrels of oil equivalent.
The total combined audited gross on block 2C recoverable resources at Barryroe therefore amount to 346 MMBOE (Millions of Barrels of Oil Equivalent), comprising 311 MMBO (Millions of Barrels of Oil) and 207 BCF (Billion Cubic Feet of Gas).
The Barryroe oil field is in the North Celtic Sea Basin, off the southern coast.
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 coast.
Speaking today, John O'Sullivan, Technical Director of Providence said that this is another very positive step for Barryroe.
"This third party resource audit by Netherland Sewell and Associates further validates the significant volumetric and recoverable resources of the Basal Wealden oil reservoir in the Barryroe Field, which Providence first reported on last summer. In addition, the audit has demonstrated that there are significant volumes of associated gas in solution."
"Having now completed this audit, and having finalised Phase 2 development planning with Mott MacDonald, we will now proceed with our planned farm out discussions, where we have already received significant international industry interest. Finally, Providence will continue to work on the material resource potential associated with the Lower Wealden and Purbeckian logged hydrocarbon bearing reservoir intervals, which were encountered by previous wells drilled on the field," said Mr O'Sullivan.