Providence strikes black gold off Irish coast

Oil explorer Providence Resources has found more oil than expected at its Barryroe well off the coast of Ireland.

Tests showed flow rates at the site were 3,514 barrels of oil equivalent per day - almost double its pre-drill target of 1,800.

Gas flow rates were 4,000 barrels of oil equivalent per day from the well, which is 50km off the Cork coast.

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"The well has also confirmed that the basal sands are laterally continuous, highly productive and that the oils are of a very high quality," said Tony O'Reilly, Providence's Chief Executive.

Providence has an 80% stake in Barryroe, with Lansdowne Oil & Gas holding the remaining 20%.