Offshore staff
DUBLIN, Ireland – Providence Resources (AIM:PRV) has upgraded oil estimates for the Barryroe field offshore southern Ireland.
The company operates the field, which is in 100 m (328 ft) water depth 50 km (31 mi) offshore in standard exploration license 1/11 and licensing option 12/4.
In July, Providence estimated oil in place for the Middle Wealden and Basal Wealden reservoir zones at 1 Bbbl (P50) and 1.6 Bbbl (P10). At the time, however, the company also alluded to further potential in the hydrocarbon-bearing Lower Wealden and Purbeckian sands, with exploration potential in a deeper Upper Jurassic objective.
A subsequent evaluation of these two additional logged hydrocarbon bearing intervals – based on previous well data and 2D and 3D seismic – suggests further in-place resources (P50) of 778 MMbbl and P10 resources of 1.2 Bbbl.
However, reservoir and well test data over the two intervals is limited, meaning that new well data would be required to make firm final resource estimates. These zones have not been included in the Barryroe dynamic reservoir simulation modeling, results of which are due within the next six weeks.
The partners plan to reprocess the 3D seismic data this fall in the hope to improve imaging of these deeper zones.
9/5/2012
