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.
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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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%.
-
Lifetime ISA reform: Retirement option could be scrapped in overhaulA consultation on a product replacing the Lifetime ISA is set to be launched this year, and the option to use it to save for retirement is expected to be axed in the shake-up
-
HMRC stamp duty crackdown sees probes of property deals jump 88% – what to watch out forFrom bogus stamp duty refund claims to misleading the taxman about who owns a property, HMRC is increasing its scrutiny of stamp duty land tax reporting. Here’s how.
