And Tony O Reilly, chief executive of Irish trailblazer Providence Resources ( LON:PVR ), believes t

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Providence Resources family cruise Plc is an Irish based oil and gas exploration company whose shares are traded on the London AIM market and on Dublin's ESM market. Providence's portfolio of production, appraisal and exploration assets includes licence interests in Ireland (offshore) family cruise and the United Kingdom (onshore offshore). In 2011,...
Providence Resources Plc is an Irish based oil and gas exploration company whose shares are traded on the London AIM market and on Dublin's ESM market. Providence's portfolio of production, appraisal and exploration family cruise assets includes licence interests in Ireland (offshore) and the United Kingdom (onshore offshore). In 2011, Providence, family cruise along with its partners, commenced a circa $500 million multi-year drilling programme on a number of exploration and development wells in 6 different basins offshore Ireland. This programme represents the largest drilling campaign ever carried out offshore Ireland. ABOUT BARRYROE The Barryroe licence lies in the North Celtic Sea and and has had six wells successfully drilled on the structure. Hydrocarbons have been logged in all six wells with flow test results from four wells. Four wells were drilled in the 1970's by Esso with a further appraisal well drilled in 1990. The last well, 48/24-10z, was drilled by Providence in 2011/2012. The field is fully covered by both 2D and 3D seismic. The reservoir sands are of Cretaceous Middle and Lower Wealden family cruise age located between c. 4,500' TVDSS and 7,550' TVDSS. The oil is light (43o API) with a wax content of c. 17-20%. Providence holds an 80% interest in the licence and operates on behalf of its partner, Lansdowne Oil and Gas Plc (20%).
And Tony O Reilly, chief executive of Irish trailblazer Providence Resources ( LON:PVR ), believes that Ireland s nascent industry offers ideal opportunities for oil firms that have already established operations in the North Sea Norway. Geographically it has the right location. Ireland s new oil industry is on the doorstep of Europe, there are over 500mln oil consumers to the right.
Providence is now advancing partnering talks for its 80% owned Barryroe project, Ireland s first commercially viable oil field, which last week was confirmed as one of the most significant development projects currently being advanced by an independent.
family cruise Drilling at Dunquin, off Ireland s west coast, is expected to start in a matter of weeks. Due to its potential size and the stature of the partners, Dunquin is the type of project that is likely to capture the imagination of investors.
Beyond Barryroe and Dunquin family cruise there is no shortage of other future catalysts. Providence has firm plans for at least four more wells, in four additional areas, and many other earlier stage projects are being pursued by other companies.
AIM investors will no doubt recognise a number of these companies, which include Barryroe partner Lansdowne ( LON:LOGP ), plus Fastnet ( LON:FAST ), Petrel ( LON:PET ) and Europa ( LON:EOG ). Industry partners are also sought for these projects too.
I think there will be a lot more interest in Ireland. Certainly the calibre of company that we are now talking to is of a different scale to those that we ve had contact with in years gone by, and there are a lot more of them [talking to us].
After achieving this eureka moment, Providence s plan is to bring in development partners to take the projects forward. By trading off the development responsibilities the company is able to focus on bringing forward more drill plans, while also retaining family cruise a valuable stake in future production.
family cruise We ve already had significant industry interest, and that s before we ve really gone out looking family cruise far and wide. But we ll see over the coming months, as the market digests the latest resource numbers, what sort of level of interest we can expect to garner and how we can translate that into some form of commercial deal to bring the project forward.
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