Offshore staff
DUBLIN, Ireland – Providence Resources (AIM:PRV) has issued a further technical update on the Barryroe oil discovery in Ireland’s North Celtic Sea basin.
The company recentlycompleted an appraisal well in the area, in 100 m (328 ft) of water and around 50 km (31 mi) off the south coast.
An independent third-party crude assay of a 20-liter Barryroe oil sample collected during well test operations suggests the oil is a premium light (43o API), low sulfur, low TAN (acidity), and low metal crude. Wax content is around 17% (by weight) and the nitrogen content is also low.
Providence says these data are an improvement on the previously published PVT fluid analysis.
Post-drill studies continue to improve definition of oil in place, recoverable reserves, and field economics.
Tony O’Reilly, CEO of Providence, said: “The results of this Barryroe oil assay vindicate our proposition that high value crudes exist in the shallow waters off the south coast of Ireland. Our well testing results, and subsequent horizontal modeling, have demonstrated that these crudes can be produced at commercially attractive rates.”
6/6/2012
