Providence Resources upbeat on Barryroe drilling so far

Exploration and production company Providence Resources (LON:PVR) has reported that an appraisal well that it is drilling in the North Celtic Sea Basin, offshore southern Ireland has already encountered notable gas shows.

The 48/24-10 Barryroe well is located in 100 m of water approximately 50km offshore Ireland in Standard Exploration Licence (SEL) 1/11.

The well has reached section total depth (TD) of 4,038m true vertical depth subsea (TVDSS) with the key geological horizons having been encountered close to the pre-drill depth prognosis.

Providence said that notable gas shows were encountered drilling through the PSE Seven Heads Limited operated gas reservoir, which overlies the Barryroe oil discovery. Following casing of this section, the well will be drilled ahead through the underlying primary and secondary Barryroe oil reservoir targets to a TD of 7,464m TVDSS.

Providence holds a 50% interest and operatorship of SEL 1/11, with partners San Leon Energy (LON:SLE) holding 30% and Lansdowne Oil & Gas (LON:LOGP) holding 20%.

John O’Sullivan, Providence’s technical director, said: “We are pleased to provide this interim operational update and to confirm that we are geologically on prognosis, with the main oil bearing reservoir objectives lying ahead of the drill-bit. The accuracy of the new 3D seismic data in mapping the overlying gas reservoir section gives us confidence in relation to the delineation of our underlying primary and secondary oil targets.”

The Barryroe well marks the start of a planned multi-well, multi-year drilling programme for Providence as well as the return of major oil drilling off the Irish coast. The Barryroe partners have been awarded Standard Exploration Licence 1/11 for a period of up to six years, split into two three year phases.